If Event a and Event B Cannot Occur at the Same

question 148

Multiple Choice

If event A and event B cannot occur at the same time,then A and B are said to be

• A)mutually exclusive
• B)independent
• C)collectively exhaustive
• D)None of these choices.

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Definitions:

Marginal Revenue

The extra revenue generated by the sale of an additional unit of a product or service.

Competitive Industry

An industry structure with many firms competing against each other offering similar products or services, leading to lower prices and innovation.

Marginal Revenue

The additional income received from selling one more unit of a good or service; this is crucial for businesses in determining how many units to produce.

Average Revenue

The total revenue generated by a firm divided by the quantity of goods or services sold, indicating the average amount of money made per unit.