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When output rises, unemployment falls.
Expected Value
The weighted average of all possible values of a random variable, taking into account their probabilities.
Bounded Distribution
A statistical distribution with both a minimum and maximum value, limiting the range of possible outcomes.
Uniform Continuous Probability Distribution
A type of distribution where all outcomes in a certain interval are equally likely.
Equally Likely
A term used in probability to denote outcomes that have the same chance of occurring.
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