In Markov Analysis,we Are Concerned with the Probability That the

question 9

Multiple Choice

In Markov analysis,we are concerned with the probability that the

• A)state is part of a system.
• B)system is in a particular state at a given time.
• C)time has reached a steady state.
• D)transition will occur.

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Definitions:

Commodity Money

Money that has intrinsic value because it is made of materials that hold value, like gold or silver.

Fiat Money

Currency that a government has declared to be legal tender, despite it having no intrinsic value and not being backed by physical commodities.

Intrinsic Value

The inherent worth of an asset, independent of its market price, often based on what is fundamentally valuable about the asset.

Media Of Exchange

Objects or instruments used to facilitate the sale, purchase, or trade of goods between parties.