If the Outcome of One Event Has No Bearing on the Probability

question 39

Multiple Choice

If the outcome of one event has no bearing on the probability of another, the two events are said to be:

• A) disjoint.
• B) mutually exclusive.
• C) independent.
• D) conditional.

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Definitions:

Demand

An economic principle referring to the consumer's desire and willingness to pay for a specific quantity of a good or service at a given time.

Book

A published material that features pages bound together on one side and encased within protective covers.

Marginal Revenue

The additional income received from selling one more unit of a product or service.

Demand Function

A mathematical representation showing the relationship between the quantity of a good that consumers are willing to buy and its price, along with other factors like income and prices of related goods.