Two Events Are Mutually Exclusive When

question 24

Multiple Choice

Two events are mutually exclusive when

• A) the occurrence of one event is independent of the occurrence of the other.
• B) the occurrence of one event precludes the occurrence of the other.
• C) both events are equally likely.
• D) the first event precedes the second event.

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Definitions:

Isoquants

Curves that represent all the combinations of two inputs that produce the same level of output, used in the analysis of production technology.

Production Function

A mathematical representation of the relationship between input factors of production and the output of goods or services.

Marginal Product

The additional output that is produced as a result of using one more unit of a particular input, while keeping other inputs constant.

Marginal Product

The additional output resulting from the use of one more unit of a productive input, holding other inputs constant.