Examlex
Let F be the event that a student is enrolled in a finance course, and let S be the event that a student is enrolled in a statistics course.It is known that 40% of all students are enrolled in a finance course and 35% of all students are enrolled in statistics.Included in these numbers are 15% who are enrolled in both statistics and finance.A student is randomly selected, what is the probability that the student is enrolled in either finance or statistics or both?
Economic Profits
The surplus achieved when total revenue exceeds the total costs, including both explicit and implicit costs.
Accounting Profits
The difference between total revenue and explicit costs, representing the net income of a business according to standard accounting practices.
Competitive Economy
An economic system where businesses operate in a free market, competing for consumers on price, quality, and service.
Barriers to Entry
Factors that prevent or hinder new competitors from easily entering an industry or market, such as high startup costs, strict regulations, or control of key resources.
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