If a and B Are Mutually Exclusive Events with P(A) $\cap$

question 2

Multiple Choice

If A and B are mutually exclusive events with P(A) = 0.3 and P(B) = 0.5, then P(A $\cap$ B) =

• A)0.30
• B)0.15
• C)0.00
• D)0.20

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Definitions:

Demand Curve

Illustrates the relationship between the price of a good or service and the quantity demanded by consumers, typically downward sloping.

Relatively Elastic

Describes a situation where a small change in price leads to a greater change in quantity demanded or supplied.

Inelastic

A description of a good's demand when consumers’ demand for it does not significantly change with a change in the good's price.

Total Revenue

The total income received by a firm from its sales of goods or services, calculated as the quantity sold times the price per unit.