If Two Events Are Mutually Exclusive, What Is the Probability

question 4

Multiple Choice

If two events are mutually exclusive, what is the probability that both occur at the same time?

• A) 0.00
• B) 0.50
• C) 1.00
• D) This cannot be determined from the information given.

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Definitions:

Wage Rate

The amount of money paid to an employee per unit of time or for each unit of output produced.

Demand Schedule

A table or graph that shows the quantity of a good or service that consumers wish to buy at each price level.

Marginal Product

The additional output that is generated by employing one more unit of a specific factor of production, keeping other inputs constant.

Marginal Revenue Product

The additional revenue generated from using one more unit of a factor of production, holding other factors constant.