Determine Whether the Events Are Mutually Exclusive

question 43

Multiple Choice

Determine whether the events are mutually exclusive.
-Of the 52 people who answered "yes" to a question, 5 were male. Of the 77 people that answered "no" to the question, 11 were male. If one person is selected at random from the group, what is the probability that the person answered "yes" or was male?

• A)0.527
• B)0.096
• C)0.488
• D)0.124

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Definitions:

MC = MR

A condition where a firm's marginal cost equals its marginal revenue, often used to determine the optimal level of output and price in perfect competition.

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for competition based on factors other than price.

Positive Economic Profits

Earnings that exceed the total costs, including both explicit and implicit costs, signalling strong market performance.

Monopolistically Competitive

Monopolistically competitive refers to a market structure where many firms sell similar but not identical products, with each firm having some degree of market power.