A(n) ________ Distribution Shows All Possible Outcomes and Associated Probabilities

question 89

Multiple Choice

A(n) ________ distribution shows all possible outcomes and associated probabilities for a given event.

• A) discrete
• B) lognormal
• C) exponential
• D) probability

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Definitions:

Consumer Surplus

The difference between what consumers are willing to pay and what they actually pay for a good or service.

Surplus II

An excess of supply over demand, leading to lower prices and potential inefficiencies in the market.

Equilibrium Quantity

At the market equilibrium price, the amount of goods or services available matches the amount that consumers want to buy.

Willingness to Pay

The maximum amount an individual is prepared to spend on a good or service, reflecting the value they derive from it.