Super Bowl XLVI Was Played Between the New York Giants

question 42

Multiple Choice

Super Bowl XLVI was played between the New York Giants and the New England Patriots in Indianapolis.Due to a decade-long rivalry between the Patriots and the city's own team,the Colts,most Indianapolis residents were rooting heartily for the Giants.Suppose that 90% of Indianapolis residents wanted the Giants to beat the Patriots. Refer to Exhibit 7-9.What is the probability that from a sample of 100 Indianapolis residents,fewer than 95% were rooting for the Giants in Super Bowl XLVI?

• A)0.0300
• B)0.0475
• C)0.4763
• D)0.9525

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Definitions:

Competitive Price Searchers

Businesses that operate in markets with many competitors and product differentiation, where they have to search for the optimal price to balance attracting customers and earning profits.

Barriers to Entry

Factors that prevent or hinder companies from entering a particular market, which can include high startup costs, strict regulations, and established competition.

Pure Monopoly

A market structure characterized by a single seller or producer dominating the entire market, facing no close substitutes for its product or service.

High Barriers to Entry

Obstacles that make it difficult for new competitors to enter an industry, such as high startup costs or strict regulations.