If Two Equally Likely Events a and B Are Mutually

question 158

Multiple Choice

If two equally likely events A and B are mutually exclusive and collectively exhaustive,what is the probability that event A occurs?

• A)0.00
• B)0.50
• C)1.00
• D)Cannot be determined from the information given.

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Definitions:

Demand Curve

A graph representing the relationship between the price of a good and the quantity demanded by consumers at various prices.

Normal Profits

The minimum profit necessary for a company to remain competitive in the market, often equated to the opportunity cost of capital.

Allocative Efficiency

A state of the economy where resources are allocated in a way that maximizes the overall benefit to society.

Productive Efficiency

A point at which an economy operates at the lowest possible cost by utilizing all of its resources efficiently.