Suppose the Price of a Football Is $20

question 101

Multiple Choice

Suppose the price of a football is $20.00 and the price of a basketball is $10.00. The ________ of a football is ________.

• A) relative price; 2 basketballs per football
• B) relative price; 1/2 basketball per football
• C) opportunity cost; $20.00
• D) opportunity cost; $10.00

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Definitions:

Probability

A measure quantifying the likelihood that a specific event will occur, typically expressed as a number between 0 and 1.

Uniform Density

A measure indicating that mass is evenly distributed throughout a substance or object, so each unit volume has identical mass.

Probability

Probability refers to the measure of the likelihood that an event will occur, quantified as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

Poisson Approximation

A statistical technique used to estimate the probability of a given number of events happening in a fixed interval of time or space when these events occur with a known constant mean rate and independently of the time since the last event.