Which of the Following BEST Addresses the Addition Rule of Probability

question 85

Multiple Choice

Which of the following BEST addresses the addition rule of probability?

• A) Which grocery store checkout line should I get in?
• B) What are my chances of getting a parking ticket?
• C) What are the chances of Barack Obama being elected president?
• D) What is the likelihood one of the California professional football teams will win the Super Bowl?

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Definitions:

Grazing Permits

Licenses issued by government or property owners allowing livestock to graze on land.

Internalize the Externality

The process whereby parties take into account the external costs or benefits of their actions, often through regulatory or market-based mechanisms.

Tragedy of the Commons

A situation in a shared-resource system where individual users acting independently according to their own self-interest behave contrary to the common good of all users by depleting or spoiling that resource.

Excludable

A characteristic of a good or service that means it can be restricted to only those who pay for it; the opposite of a public or non-excludable good.