A Person Is Trying to Decide If He or She

question 54

Multiple Choice

A person is trying to decide if he or she should buy a lottery ticket. The ticket costs $2.00. If the ticket is a winner,the prize would be $1,000. Knowing that winning $1,000 is not a certain outcome (state of nature) ,the person finds that the probability of winning is 0.001. Based on this information,the following payoff table can be constructed: What is the probability of losing $2.00?

• A)0.001
• B)0.999
• C)1.00
• D)Cannot be computed

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Definitions:

Nutritious Food

Food that is rich in nutrients needed for the body's health and growth.

CSR Efforts

Corporate Social Responsibility refers to companies taking responsibility for their impact on society and the environment through practices that contribute positively.

Walmart

Refers to an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores.

Ethical Decision-Making

The method of examining and selecting options in a way that aligns with moral standards.