Which Rule States That When Two Outcomes Are Mutually Exclusive,the

question 21

Multiple Choice

Which rule states that when two outcomes are mutually exclusive,the probability that either one of these outcomes will occur is the sum of their individual probabilities?

• A)additive rule
• B)multiplicative rule
• C)both A and B
• D)none of the above

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Definitions:

Normal Goods

Normal goods are goods whose demand increases when consumer income rises, and decreases when consumer income falls, opposite to inferior goods.

Perfect Substitutes

Goods that can completely replace each other in consumption, resulting in consumers being indifferent to which product they consume.

Income Elasticity

A measure of how the demand for a good or service changes with a change in the consumer's income.

Bagels

A type of bread product originating from the Jewish communities in Poland, known for their dense, chewy texture and hole-in-the-center shape.