A person is trying to decide if they should buy a lottery ticket. The ticket costs $1.00. If the ticket is a winner, the prize would be $10,000. Knowing that winning $10,000 is not a certain outcome (state of nature), the person finds that the probability of winning is 0.0009. Based on this information, the following payoff table can be constructed. 
What is the probability of losing $1.00?
Definitions:
Minimum Imposed Price
A price floor set by the government or a regulatory body, below which the price of a good or service cannot fall.
Producer Surplus
The difference between the amount producers are willing and able to supply a good for and the actual amount received by them when the good is sold.
Consumer Surplus
The variance between the price consumers are ready to offer for a good or service and the price they actually incur.
Price Ceiling
A government-imposed limit on how high the price of a product can be charged in the market to protect consumers from high prices.
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