The Probability of the Union of Two Events with Nonzero

question 70

Multiple Choice

The probability of the union of two events with nonzero probabilities

• A)cannot be less than one
• B)cannot be one
• C)cannot be less than one and cannot be one
• D)None of the other answers is correct.

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Definitions:

Supply

The total amount of a specific good or service that is available to consumers at a given time.

Equilibrium Quantity

The quantity of goods or services at which demand equals supply, and there is no tendency for the market price to change.

Equilibrium Price

The price at which the quantity of a good demanded equals the quantity supplied, leading to a stable market condition.

Demand

The amount of a product or service that buyers are ready and capable of buying at different price points.