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If the minimum wage is a binding price floor:
P(A|B)
The chance that event A will occur, assuming event B has occurred, indicative of a conditional probability.
P(B)
The probability of occurrence of event B in a statistical experiment.
P(A And B)
The likelihood that events A and B will happen simultaneously.
Independent Events
Two or more events are independent if the occurrence of one does not affect the probability of the other(s).
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