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:

Monopolist

A market participant that is the sole provider of a product or service, possessing significant market power to set prices.

Economic Profits

The gap between the total income a business generates and all of its expenditures, taking into account both direct and hidden costs.

Average Total Cost

The total cost of production divided by the number of units produced, providing a per-unit cost of production.

Oligopolistic Industry

A market structure characterized by a small number of firms that have the power to influence the price of their products or services.