Table 34-4 Table 34-4 Presents the Demand and Supply

question 91

Multiple Choice

Table 34-4 Table 34-4 presents the demand and supply schedules for television sets in Japan and the United States. If Japan and the United States trade with each other, what will be the equilibrium price in the world market for television sets?

• A) $100
• B) $200
• C) $300
• D) $400

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Definitions:

Independent Events

Two events A and B where P(A ∣ B) = P(A) or P(B ∣ A) = P(B); that is, the events have no influence on each other.

Probabilities

The quantification of an event's occurrence likelihood, represented as a figure from 0 to 1.

Intersection

The set that contains all elements that are common to two or more sets.

Probability Values

Numerical measures indicating the likelihood of a specific event occurring, ranging between 0 and 1.