If P(A)> 0 and P(B)> 0 and Events a and B

question 81

Multiple Choice

If P(A) > 0 and P(B) > 0 and events A and B are independent,then:

• A)P(A)= P(B)
• B)P((A|B))= P(A)
• C)P(A)

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Definitions:

Total Surplus

The sum of consumer surplus and producer surplus, reflecting the total net benefit to society from the production and consumption of goods or services.

Quantity Demanded

The specific amount of a good or service that consumers are willing and able to purchase at a given price, during a particular period.

Quantity Supplied

The amount of a good or service that producers are willing and able to offer for sale at a particular price.

Total Surplus

The sum of consumer surplus and producer surplus in a market, representing the total net benefit to society from the production and consumption of goods or services.