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Determine whether the events A and B are independent.
-A card is selected at random from a standard deck of 52 cards. It is then replaced and a second card is selected at random.
Event A: A club is selected on the first draw
Event B: An ace is selected on the second draw
Herfindahl Index
A measure of market concentration used to evaluate the level of competition within an industry.
Market Shares
The portion of a market controlled by a particular company or product, often expressed as a percentage of total sales.
Herfindahl Index
A measure of the concentration and competitiveness of an industry, calculated by summing the squares of the market shares of each firm within the industry.
Four-Firm Concentration Ratio
a measure of market concentration and competition among the four largest firms in an industry, expressed as a percentage of total market sales.
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