If Two Events Are Mutually Exclusive,then

question 3

Multiple Choice

If two events are mutually exclusive,then

• A)their probabilities can be added.
• B)they may also be collectively exhaustive.
• C)the joint probability is equal to 0.
• D)if one occurs,the other cannot occur.
• E)All of the above

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Definitions:

Pareto Optimal

A scenario in resource distribution where it's impossible to benefit one individual through reallocation without causing harm to another individual.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning that no one can be effectively excluded from use and one person's use does not diminish another's.

Private Consumption

The spending on goods and services by individuals or households, as opposed to public or government spending.

Social Welfare Function

An economic function that ranks societal allocations of resources based on ethical principles, intending to maximize collective satisfaction or utility.