Roll Two Fair 6-Sided Dice; Record the Smaller Number

question 35

Multiple Choice

Roll two fair 6-sided dice; record the smaller number.

• A){1,2,3,4,5,6},not equally likely
• B){1,2,3,4,5},equally likely
• C){0,1,2,3,4,5},equally likely
• D){1,2,3,4,5,6},equally likely
• E){1,2,3,4,5},not equally likely

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Definitions:

Equilibrium Price

The price at which the quantity of a product offered for sale equals the quantity that consumers are willing to buy.

Price Support Program

Government interventions to maintain the market price of a commodity or product above its equilibrium level.

Private Buyers

Individuals or entities that purchase goods or services for personal use or for a private collection, not for resale or commercial purposes.

Parity Ratio

A measure used to compare the price or value of one thing to another, often in agriculture to compare prices of farm products to other goods and services over time.