The Probabilities and the Number of Automobiles Lined Up at a Lakeside

question 76

Multiple Choice

The probabilities and the number of automobiles lined up at a Lakeside Olds at opening time (7:30 a.m.) for service are: On a typical day, what is the standard deviation of the number of cars that Lakeside Olds can expect to be lined up at opening?

• A) 1.96
• B) 2.85
• C) 0.7275
• D) 0.2400
• E) 0.8529

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Definitions:

Market Share Percentages

The proportion of sales in the total market sold by one company, expressed as a percentage.

Celler-Kefauver Act

A United States antitrust law passed in 1950, designed to prevent anti-competitive mergers and acquisitions that could create monopolies or reduce competition.

Clayton Act

Passed by Congress in 1914 to strengthen the Sherman Act and clarify the rule of reason, the act outlawed specific monopolistic behaviors such as tying contracts, price discrimination, and unlimited mergers.

HHI

Herfindahl-Hirschman Index (HHI) is a measure of market concentration, calculated by squaring the market share of each firm competing in the market and then summing the resulting numbers.