If Events a and B Are Independent, Then P(A|B) Is

question 48

Multiple Choice

If events A and B are independent, then P(A|B) is equal to ________.

• A) P(B)
• B) P(A∩B)
• C) P(A)
• D) P(AUB)

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Definitions:

Supply Function

A mathematical relationship that expresses the quantity of a good or service supplied in relation to its price.

Long-Run Total Cost Function

An equation representing the total cost of production when all factors of production are variable and optimized for scale.

Long-Run Supply Function

A relationship indicating the quantity of a good or service that producers are willing to make available in the market over a long period, considering all inputs are variable.

Long-Run Total Cost

The sum of all costs incurred by a firm in the production of goods or services when all inputs are considered variable in the long term.