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Directions: Apply the Knowledge You Have Gained from Chapter 5

question 2

Multiple Choice

Directions: Apply the knowledge you have gained from Chapter 5 to answer the following questions about the pie graph below.

Participation in Various Intramural Sports during Spring Semester
Which two sports attract the same number of participants?

Definitions:

Probability

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

Expected Utility Maximizer

An economic theory that assumes individuals choose among risky alternatives in such a way as to maximize their expected utility.

Probability

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

Contingent Commodity Bundles

A theoretical concept in economics, referring to a collection of goods or services whose provision is dependent on specific conditions or states of the world.