Consider Two Events That Are Mutually Exclusive, That Is, If

question 31

Multiple Choice

Consider two events that are mutually exclusive, that is, if one occurs, the other cannot occur. The probability that either one will occur is ________, and the probability that both will occur is ________.

• A) one; zero
• B) the product of their probabilities; one
• C) one; the product of their probabilities
• D) the sum of their probabilities; zero

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Definitions:

Credit Terms

Agreed upon conditions under which a buyer can pay at a later time for goods or services received, typically specifying the time period and any discount for early payment.

Perpetual Inventory System

An accounting method that records inventory transactions in real-time, immediately affecting the inventory account whenever an item is received or sold.

Discount Period

The time frame between the onset of a payment period and the due date when a discount for early payment is available.

Perpetual Inventory System

An inventory management system where updates to inventory records are made in real-time with each sale or purchase, providing a continuous record of inventory levels.