The Sum of the Possible Outcomes of a Gamble Multiplied

question 112

Multiple Choice

The sum of the possible outcomes of a gamble multiplied by their respective probabilities is known as:

• A)a fair gamble.
• B)the variance of the gamble.
• C)a better-than-fair gamble.
• D)the expected value of the gamble.

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Definitions:

Price Decrease

A reduction in the cost of a good or service that can result from various factors such as increased supply or decreased demand.

Supply

The complete quantity of a product or service that can be bought at a specific price point.

Supply Schedule

A table or graph showing the quantity of a good or service that producers are willing and able to supply at various prices.

Quantity Supplied

The inventory of products or services that is put up for sale by producers at a specified rate.