If Two Events Are Collectively Exhaustive,what Is the Probability That

question 59

Multiple Choice

If two events are collectively exhaustive,what is the probability that one or the other occurs?

• A)0.
• B)0.50.
• C)1.00.
• D)Cannot be determined from the information given.

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Definitions:

Net Operating Income

The income earned from the primary activities of a business, not including expenses from interest and taxes.

Absorption Costing

An accounting method that includes all manufacturing costs (variable and fixed) in the cost of a product.

Unit Product Cost

Unit product cost is the total cost associated with producing one unit of a product, including all variable and fixed costs.

Direct Labor Cost

The total expense a company incurs for employees who work directly on the manufacturing or production of products.