If a and B Are Independent Then P ( B

question 11

True/False

If A and B are independent then p ( B | A ) = p ( A ) or p ( B ).

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Definitions:

Economic Profit

The difference between the total revenue received from the sale of an output and the total opportunity costs of the inputs used.

Average Variable Cost

The total variable costs (costs that change with the level of output) divided by the quantity of output produced.

Economic Loss

A situation where total costs exceed total revenues, resulting in a negative profit for a business or economy.

Short Run

A period of time during which at least one of a firm's inputs is fixed, affecting the firm's capacity to adjust to demand changes.