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A machine has four components, A, B, C, and D, set up in such a manner that all four parts must work for the machine to work properly. Assume the probability of one part working does not depend on the functionality of any of the other parts. Also assume that the probabilities of the individual parts working are . Find the probability that the machine works properly.
Regulatory Capture
A situation where regulatory agencies are dominated by the interests of the industries they are charged with regulating, often leading to biased and ineffective regulation.
Negative Externalities
Costs that are not reflected in the market price, caused by the production or consumption of goods and services, and borne by society rather than the producers or consumers.
Earmarks
Provisions within legislation that allocate specific funds to certain projects, often without a competitive bidding process.
Federal Government Legislation
Laws and regulations created and enacted by the national government of a country.
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