Changes in Relative Prices Usually Lead to Increases in Real

question 191

True/False

Changes in relative prices usually lead to increases in real income because prices have changed.

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Definitions:

Odds

A measure of the likelihood of a specific outcome in an event, often used in gambling and statistics.

Probability

The extent to which an event is likely to occur, measured by the ratio of the favorable cases to the whole number of cases possible.

Probability

A measure of the likelihood that an event will occur, expressed as a number between 0 and 1.

Probability

A measure or estimation of how likely it is that an event will occur, expressed as a number between 0 and 1.