If Two Equally Likely Events a and B Are Mutually

question 109

Multiple Choice

If two equally likely events A and B are mutually exclusive and collectively exhaustive, what is the probability that event A occurs?

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

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Definitions:

Financial Position

A financial statement element that shows the value of a company's assets, liabilities, and equity at a specific point in time.

Unearned Revenues

Monies received by a company for goods or services yet to be delivered or performed, considered a liability until the obligation is fulfilled.

Liability

Financial obligations or debts that an entity owes to others, which must be settled over time through the transfer of economic benefits.

Customer Payment

Payment made by a customer for goods or services provided, typically recorded as revenue by the receiving business.