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The intersection of two or more sets is the set containing all elements that are common to all the sets. In probability, it represents events that occur simultaneously.
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Union: The union of two or more sets is a set containing all elements from each of those sets.
Mutually Exclusive Events: Events that cannot occur at the same time; their intersection is an empty set.
$P(A \cup B)$: $P(A \cup B)$ represents the probability that either event A or event B or both occur.