The Vector of State Probabilities for Any Period Is Equal

question 46

True/False

The vector of state probabilities for any period is equal to the vector of state probabilities for the preceding period multiplied by the matrix of transition probabilities.

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Definitions:

Market

A market is a platform or environment where buyers and sellers come together to facilitate the exchange of goods, services, or information.

Capital Goods

Long-lasting goods acquired by a business to produce goods or services, as opposed to being sold directly to consumers.

Productive Resources

Inputs used in the production of goods or services in order to make an economic profit. These include land, labor, capital, and entrepreneurship.

Consumer Goods

Products and services that are purchased or consumed by individuals or households for their direct satisfaction and needs.