The Numbers Used to Represent Each Possible Value or Outcome

question 70

Short Answer

The numbers used to represent each possible value or outcome in a computer simulation are referred to as ________.

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Definitions:

Efficient Outcome

A situation where resources are allocated in the most effective manner, leaving no room for improvement without making someone worse off.

Marginal Social Benefit

The additional benefit to society from consuming one more unit of a good or service.

Nonrival Good

Good for which the marginal cost of its provision to an additional consumer is zero.

Marginal Social Cost

The additional cost to society of producing one extra unit of a good or service, considering both private costs and externalities.