Judging from Recent Experience, 5 Percent of the Computer Keyboards

question 19

Multiple Choice

Judging from recent experience, 5 percent of the computer keyboards produced by an automatic, high-speed machine are defective. If six keyboards are randomly selected, what is the probability that none of the keyboards are defective?

• A) 0.167
• B) 0.735
• C) 0.500
• D) 1.00
• E) 0.2321

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Definitions:

Government Payments

Funds distributed by the government to individuals, businesses, or other governmental entities, which can include subsidies, grants, or welfare payments.

Point Elasticity

A measure of how responsive the quantity demanded or supplied of a good is to a change in its price, calculated at a particular point on the demand or supply curve.

Producer Surplus

The profit producers make over and above the minimum amount they would be willing to accept for selling their goods or services.

Equilibrium Quantity

The quantity of goods or services supplied is exactly equal to the quantity demanded at the market price.