________ Refers to the Likelihood That an Event or Outcome

question 27

Multiple Choice

________ refers to the likelihood that an event or outcome will actually occur.

• A)Surety
• B)Ratio
• C)Probability
• D)Brainstorming
• E)Bias

---

Definitions:

Utility Schedule

A table showing the different levels of satisfaction or utility that a consumer derives from consuming different amounts of a good or service.

Worth

The value or importance of something, often measured in terms of money or utility.

Marginal Utility

The additional satisfaction or utility received by a consumer from consuming one more unit of a good or service.

Consumer Surplus

The divergence between the sum consumers are prepared and financially capable to pay for a good or service and the sum they actually disburse.