P(A B)= P(A)+ P(B)- P(A B)represents the Formula

question 96

Multiple Choice

P(A B) = P(A) + P(B) - P(A B) represents the formula for the

• A)conditional probability
• B)addition rule
• C)addition rule for two mutually exclusive events
• D)multiplication rule

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Definitions:

Absolute Values

A measure representing the magnitude of a number regardless of its direction or sign, shown as the distance from zero on a number line.

Favorite Bundle

An individual consumer's most preferred combination of goods and services, given their budget and prices.

Indifference Curve

A graph showing different combinations of two goods among which a consumer is indifferent, depicting levels of consumption where the consumer has no preference for one bundle over another.

Absolute Values

Mathematical values expressed without regard to their sign; distances from zero on the real number line.