All of the Following Are Necessary Characteristics of a Markov

question 13

Multiple Choice

All of the following are necessary characteristics of a Markov process except:

• A)a countable number of stages.
• B)a countable number of states per stage.
• C)at least one absorbing state.
• D)the memoryless property.

---

Definitions:

Marginal Product

An increase in output resulting from the use of one more unit of a particular input, holding all other inputs constant.

Opportunity Costs

The price paid when one skips the second-best option available in making a choice.

Economic Costs

The total costs of undertaking an economic activity, including both explicit costs and opportunity costs.

3-D Printers

Devices that create three-dimensional objects by layering material according to digital models, used in various industries for prototyping, manufacturing, and hobbyist projects.