An Unprepared Student Must Take a 7-Question, Multiple-Choice Test That

question 45

Multiple Choice

An unprepared student must take a 7-question, multiple-choice test that has 5 possible answers per question. If the student can eliminate two of the possible answers on the first three questions, and if she guesses on every question, what is the probability that she will answer at least one question correctly? ​

• A) Pr(at least 1 correct) =
• B) Pr(at least 1 correct) =
• C) Pr(at least 1 correct) =
• D) Pr(at least 1 correct) =
• E) Pr(at least 1 correct) =

Understand the impact of market structure on pricing and output decisions.

Identify examples of oligopolistic industries.

Understand the role of concentration ratios and the Herfindahl index in measuring market concentration.

Recognize the implications of economies of scale in market structure.

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Definitions:

Foreign Languages

Languages that are not native to the speaker's country.

Global Leadership

The skill or ability to influence individuals, groups, and organizations from various countries and cultural backgrounds to achieve a common goal or objective.

Contextual Elements

Factors or components that influence the setting or environment of a situation.

Academic Environment

The educational setting and culture of an institution where learning, teaching, and research occur.