Suppose Jack and Kate are at the town fair and are choosing which game to play. The first game has a bag with four marbles in it-1 red marble and 3 blue ones. The player draws one marble from the bag; if it is red, they win $20 and if it is blue, they win $1. The second game has a bag with 10 marbles in it-1 red, 4 blue, and 5 green. The player draws one marble from the bag; if it is red, they win $20; if it is blue, they win $5; and if it is green, they win $1. Both games cost $5 to play. Kate decides to play the second game. Her probability of pulling out a green marble is:
A. 10 percent.
B. 40 percent.
C. 50 percent.
D. 75 percent.
C. 50 percent.
You might also like to view...
When the quantity demanded of a good exceeds the quantity supplied of the good at the prevailing market price, _____.
A) the market will be in equilibrium. B) the price of the good will decrease. C) the price of the good will tend to increase. D) the demand curve will shift rightward until the surplus is eliminated. E) the supply curve will shift leftward until the surplus is eliminated.
If the absolute price elasticity of demand for automobiles is equal to 0.75, we say
A) that demand is inelastic. B) that demand is elastic. C) that there is a strong responsiveness of quantity demanded to automobiles price cuts. D) none of the above is correct.
Suppose that under its collective bargaining agreement, the XYZ Co can only hire union members in good standing at the time of hiring. XYZ Co is
A) a union shop. B) a closed shop. C) an open shop. D) a company union.
The rate of change in total utility equals
A) marginal utility. B) the change in marginal utility associated with eating all the quantities a person can handle. C) the change in marginal utility divided by the change in quantity. D) the rate of change in marginal utility divided by the price.