The 150 Residents of the Town of Wonderland Were Asked

question 37

Multiple Choice

The 150 residents of the town of Wonderland were asked their age and whether they preferred vanilla,chocolate,or swirled frozen yogurt.The results are displayed next. What is the probability a randomly selected customer prefers chocolate given he or she is at least 25 years old?

• A) 0.10
• B) 0.20
• C) 0.27
• D) 0.77

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Definitions:

Welfare Payments

Government-provided financial assistance to individuals or households, typically aimed at supporting those who are unemployed, disabled, or on a low income.

Efficiency Loss

The reduction in economic welfare or efficiency that occurs when a market does not allocate resources optimally, often due to externalities or market power.

Demand Curves

A visual depiction showing how the price of a product relates to the amount people want to buy.

Supply Curves

Graphical representations of the relationship between the price of goods and the quantity that producers are willing to supply.