It Is Very Common for Television Series to Draw a Large

question 92

Multiple Choice

It is very common for television series to draw a large audience for special events of for cliff-hanging story lines.Suppose that on one of these occasions,the special show drew viewers from 38.2% of all US TV households.Suppose that three TV households are randomly selected. What is the probability that none of the three households viewed this special show?

• A)0.236
• B)0.056
• C)0.618
• D)0.382
• E)0.127

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Definitions:

Elastic

Describes a situation in economics where the quantity demanded or supplied of a good changes significantly as its price changes.

Industry Entry

The process by which a new competitor enters an existing market, often influenced by barriers to entry and initial costs.

Price Elasticity

A measure of how much the demand for a product changes in response to a change in price, indicating the sensitivity of consumers to price changes.

Product Differentiation

The process through which companies distinguish their products or services from those of competitors, through attributes like quality, design, or branding.