If a and B Are Independent Events with P(A) =

question 24

Multiple Choice

If A and B are independent events with P(A) = 0.5 and P(A ∩ B) = 0.12, then, P(B) =

• A) 0.240.
• B) 0.060.
• C) 0.380.
• D) 0.620.

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Definitions:

Externality

An outcome from economic actions affecting external third parties not related to the activity, which could be either advantageous or detrimental.

Market

A system or an area where buyers and sellers interact to trade goods, services, or financial instruments.

Positive Externality

A benefit gained by a third party not directly involved in a transaction or activity, where the social or economic gain is not reflected in the market price.

Social Planner

A theoretical decision-maker in economics who aims to achieve optimal outcomes for society by considering the allocation of resources and distribution of goods and services.