If Two Events Are Complementary, Then We Know That

question 117

Multiple Choice

If two events are complementary, then we know that:

• A)the sum of their probabilities is one.
• B)the joint probability of the two events is one.
• C)their intersection has a nonzero probability.
• D)they are independent events.

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Definitions:

Equilibrium Quantity

The quantity at which the intentions of buyers and sellers in a particular market match at a particular price such that the quantity demanded and the quantity supplied are equal; the profit-maximizing output of a firm.

Flat-Rate State Income Tax

A tax system where a single tax rate is applied to all income levels, making the tax amount proportionate to income without progressive scaling.

General Sales Tax

A tax applied uniformly on most goods and services purchased by consumers within a jurisdiction.

Progressive Federal Income Tax

A tax system where the tax rate increases as the taxable amount (income) increases, applied at the federal level.