Examlex
The table displays the probabilities for each of the six outcomes when rolling a particular unfair die. Suppose that the die is rolled once. Events A, B, C, and D are defined as follows. A: {The number is even} B: {The number is less than 4} C: {The number is less than or equal to 5} D: {The number is greater than or equal to 5} Identify one pair of independent events.
Excludable
Describes a good or service for which it is possible to prevent non-paying consumers from access, through mechanisms like price or physical restrictions.
Public Good
A product or service that is made available to all members of a society, typically free of charge, and which no individual can be excluded from using.
Common Resource
A shared resource that multiple parties can access and use, which often leads to overuse and depletion due to a lack of exclusive ownership.
Positive Externality
A benefit that affects a party who did not choose to incur that benefit, often associated with public goods or services that extend beyond the direct participants in an economic activity.
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