Nodes Indicating Points Where an Uncertain Event Will Occur Are

question 16

Multiple Choice

Nodes indicating points where an uncertain event will occur are known as _____ nodes.

• A) decision
• B) chance
• C) unconditional
• D) conditional

---

Definitions:

Surplus

The amount by which the quantity of a good or service supplied exceeds the quantity demanded, often leading to a decrease in prices.

Supply Elasticities

A measure of how much the quantity supplied of a good responds to a change in price, indicating the responsiveness of sellers to price changes.

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the market equilibrium price.

Short-Run World Demand

Refers to the total quantity of a good or service that is demanded globally over a short period of time, with at least one factor of production held constant.