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In the factors of production market, how do households and firms interact?
Collectively Exhaustive
Refers to a set of events that covers all possible outcomes, ensuring that no possibilities are left out.
Equally Likely
A term used in probability to describe outcomes that have the same chance of occurring.
Probability
The measure of the likelihood that an event will occur, expressed as a number between 0 and 1.
Mutually Exclusive
Referring to events that cannot both occur at the same time, implying no overlap in their possible outcomes.
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