If a and B Are Independent Events, with P(A) =

question 49

Multiple Choice

If A and B are independent events, with P(A) = 0.50 and P(B) = 0.70, then the probability that A occurs or B occurs or both occur is:

• A)1.20.
• B)0.20.
• C)0.85.
• D)0.10.

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Definitions:

Marginal Utility

The change in satisfaction or utility that a person receives from consuming one additional unit of a good or service.

Total Utility

The total satisfaction or value a consumer receives from consuming a particular quantity of goods or services.

Additional Unit

Refers to the next unit of production or consumption, often analyzed in terms of its cost or benefit.

Utility

Utility is an economic concept referring to the total satisfaction received from consuming a good or service.