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The Principle That "Trade Can Make Everyone Better Off" Applies

question 56

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The principle that "trade can make everyone better off" applies to interactions and trade between


Definitions:

Uniformly Distributed

A distribution where all outcomes are equally likely across the range of the distribution.

Random Variable

A variable whose possible values are outcomes of a statistical experiment and which can vary randomly.

Probability

The measure of the likelihood that an event will occur, expressed as a number between 0 (impossible) and 1 (certain).

Poisson Probability

A distribution used to predict the probability of a given number of events happening in a fixed interval of time or space, given a constant mean rate of occurrence.

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