-In the above figure, the inflationary gap can correctly be identified as
Definitions:
Discrete Probability
The probability of an outcome occurring when the set of possible outcomes is countable and each outcome has a distinct probability.
Probability Function
A function, denoted by f(x), that provides the probability that x assumes a particular value for a discrete random variable.
Required Condition
A necessary stipulation or prerequisite that must be met for a particular procedure, operation, or situation to proceed or be considered valid.
Binomial Probability
The probability of achieving a specific number of successes in a fixed number of independent Bernoulli trials, given a certain success probability in each trial.
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