Which Method for Establishing Probability Would Be Most Appropriate for Determining

question 48

Multiple Choice

Which method for establishing probability would be most appropriate for determining the probability that someone will develop a technique for producing cold fusion in your lifetime?

• A)method of equal alternatives
• B)method of frequency
• C)intuitive judgment
• D)The methods would all be equally appropriate.
• E)None of the methods could be applied in this situation.

---

Definitions:

Substitution Effect

The economic principle that as prices rise (or incomes decrease), consumers will replace more expensive items with cheaper substitutes, holding utility constant.

Income

The amount of money received by an individual or household over a certain period, usually from employment or investments.

Price

The monetary figure anticipated, requisite, or paid as payment for a product.

Apples

A popular fruit known for its sweet taste, crisp texture, and variety of types, often used as a symbol in discussions comparing different goods or models in economics.