An Externality Can Be a

question 410

Multiple Choice

An externality can be a

• A) cost or a benefit.
• B) benefit but not a cost.
• C) cost but not a benefit.
• D) marginal cost but not a total cost.

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Definitions:

Probability Distribution

Probability distribution describes the likelihood of occurrence of different possible outcomes for an event, represented through a function or table.

Golfing Store

A retail establishment that specializes in selling golf equipment, clothing, and accessories.

Joint Probability Distribution

A joint probability distribution shows the probability of two or more events happening at the same time, considering all combinations of the variables involved.

Expected Values

The weighted average of all possible values that a random variable can take on, with weights being the probabilities of each outcome.