If Two Events Are Independent,what Is the Probability That They

question 59

Multiple Choice

If two events are independent,what is the probability that they both occur?

• A)0
• B)0.50
• C)1.00
• D)This cannot be determined from the information given.

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Definitions:

Downsloping

Describes a downward trend or inclination, often used in economics to describe a decrease in the price of a good leading to an increase in demand.

Elasticity Coefficient

A numerical measure of the responsiveness of the quantity demanded or supplied of a good to one of its determinants, like price or income.

Marginal Revenue Curve

A graphical representation showing how much additional revenue a firm will make from selling one more unit of a product or service.

Relatively Elastic

Refers to a scenario in which the demand or supply for a product or service greatly alters due to variations in its price.