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Assume you are taking two courses this semester (A and B). The probability that you will pass course A is 0.835, the probability that you will pass both courses is 0.276. The probability that you will pass at least one of the courses is 0.981.
a.What is the probability that you will pass course B?
b.Is the passing of the two courses independent events? Use probability information to justify your answer.
c.Are the events of passing the courses mutually exclusive? Explain.
Cartels
An agreement between competing firms to control prices or exclude entry of a new competitor in a market, often resulting in higher prices and restricted competition.
Informal Understandings
Unofficial agreements or practices among firms or individuals that dictate behavior without being legally binding.
Collusive Oligopoly
A market situation where a few firms dominate and agree, formally or informally, on prices or production levels to minimize competition.
Limit Pricing
A strategy used by monopolies or market leaders to set prices low enough to deter new entrants into the market.
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