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Total wages paid to labor are maximized when workers are hired up to the point where the
Union of Events
The set of outcomes that belong to either one event or another in probability, including those that belong to both events.
Sample Space
The set of all possible outcomes in a statistical experiment.
Conditional Probability
The probability of an event occurring, given that another event has already occurred.
Mutually Exclusive Events
Two or more events that cannot occur at the same time in any given experiment or scenario, implying no overlap in their outcomes.
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