When Are Two Events Mutually Exclusive

question 8

Multiple Choice

When are two events mutually exclusive?

• A) They overlap on a Venn diagram
• B) If one event occurs, then the other cannot
• C) Probability of one affects the probability of the other
• D) Both a and b

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Definitions:

Output

The quantity of goods or services produced within a certain period by a firm, industry, or country.

Variable Cost

Fees that directly alter according to the scale of production or output.

Marginal Cost

The amplification in entirety of cost following the production of an additional unit of a product or service.

Mud Statues

This refers to sculptures made from mud or clay, but in economic terms, it's not a recognized key term.