Using a Common Resource

question 99

Multiple Choice

Using a common resource:

• A)creates a positive externality for others.
• B)maximizes total surplus.
• C)is an irrational decision.
• D)imposes a negative externality on others.

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Definitions:

Probability

An indicator of the probability that a particular event will take place, represented by a numerical value ranging from 0 to 1, with 0 meaning the event cannot happen and 1 meaning the event is certain to happen.

Population

Every individual or item under consideration in a statistical evaluation.

Probability Distribution

A mathematical function that provides the probabilities of occurrence of different possible outcomes in an experiment.

Sample Proportion

The fraction of the sample that shares a particular trait or characteristic.