True or False: Two Events, a and B, Are Independent

question 205

Multiple Choice

True or False: Two events, A and B, are independent if P(A and B) = P(A) · P(B) .

• A) True
• B) False

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Definitions:

Production Function

A mathematical model describing the relationship between input factors (like labor and capital) and output, indicating how much can be produced with given resources.

Supply Function

A mathematical relation showing the quantity of a good that producers are willing and able to sell at different prices, holding other factors constant.

Factor Price

The price paid for the use of a factor of production, such as labor, land, or capital.

Production Function

A mathematical model that describes the relationship between input factors of production (like labor and capital) and the output of goods or services that result.