According to Von Neumann and Morgenstern (1944), the Probability of a Given

question 28

Multiple Choice

According to von Neumann and Morgenstern (1944) , the probability of a given outcome multiplied by the utility of the outcome yields the:

• A) Attained utility
• B) Prospect
• C) Expected utility
• D) Explicit outcome
• E) Maximum utility

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Definitions:

Very Long Run

In microeconomics, a period of time long enough that technology can change and firms can introduce new products.

Derived Demand

The demand for a product or service that arises from the demand for another product or service it helps to produce.

Catgut

A type of cord made from the natural fibres of an animal's intestines, commonly used in the past for musical instrument strings and surgical sutures.