One Event Is That Individuals Like Lasagna and the Other

question 50

Multiple Choice

One event is that individuals like lasagna and the other event is that individuals like soda, the union of these two events would be the probability of _____________.

• A)both events occurring
• B)at least one event occurring
• C)neither event occurring
• D)0%
• E)100%

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Definitions:

Inelastic Demands

Describes a situation where the demand for a good or service is relatively unresponsive to changes in price, with a percentage change in quantity demanded that is less than the percentage change in price.

Elastic Demands

This refers to the sensitivity of the quantity demanded of a good to a change in its price, where a small price change leads to a larger change in quantity demanded.

Elastic Demands

A situation where the demand for a good or service significantly changes in response to changes in its price.

Close Substitutes

Products or services that can easily replace each other in the eyes of the consumer, offering similar benefits and functionalities.