The Number of Homes Sold by a Realtor During a Month

question 94

Multiple Choice

The number of homes sold by a realtor during a month has the following probability distribution: What is the probability that the realtor sells no more than one house during a month?

• A) 0.20
• B) 0.40
• C) 0.60
• D) 0.80

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Definitions:

Overproduction

The condition where production exceeds the demand, leading to surplus inventory, lower prices, and potential economic inefficiencies.

Marginal Benefit

The additional satisfaction or utility gained by consuming or producing one more unit of a good or service.

Marginal Cost

The added expenditure resulting from the production of an extra unit of a good or service.

Socially Optimal

A condition or outcome that maximizes societal welfare, taking into account all costs and benefits to society as a whole.