The------ States That If There Are K1 Choices for the First

question 36

Multiple Choice

The------ states that if there are k1 choices for the first event, k2 choices for the second event, . . ., and kn choices for the nth event, then the total number of possible outcomes are (k1) (k2) (k3) . . . (kn) .

• A)empirical rule
• B)fundamental counting principle
• C)addition rule
• D)law of large numbers

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Definitions:

Competitive Industries

Sectors of the economy where businesses actively compete with each other to offer goods or services to consumers, often characterized by low barriers to entry and a high level of innovation.

Allocative Efficiency

A state of resource allocation where goods and services are distributed according to consumer preferences, maximizing overall societal welfare.

Productive Efficiency

A situation where a firm or economy produces output at the lowest possible cost, using all its resources efficiently.

Pure Competition

A market structure characterized by a large number of small firms, a homogenous product, and very easy entry and exit from the market.