Find and Correct the Error in the Solution to the Following

question 31

Short Answer

Find and correct the error in the solution to the following problem:
Problem: You flip two coins and want to find the probability that both coins show heads.

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Definitions:

Competing Corporations

Companies operating in the same industry, market, or field that vie for the same customer base and resources.

Robinson-Patman Act

Legislation aimed at eliminating discrimination in pricing and promotional allowances among purchasers of the same product.

Cost Justification

The process of demonstrating that a proposed expenditure or investment is worthwhile based on the anticipated benefits exceeding the costs.

Quantity Discounts

Discounts offered to buyers for purchasing large volumes of goods, encouraging bulk purchasing.