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:

Normal Standards

Predetermined benchmarks or criteria that are set to measure efficiency or performance levels in various business operations.

Production Difficulties

Challenges or obstacles encountered during the process of manufacturing or producing goods.

Direct Labor Standard

A predefined measure of the amount of labor time that is considered necessary to produce one unit of output.

Cost Standards

Predetermined costs that serve as a benchmark for evaluating the actual performance and budgeting of a company.