The Sum of the Utilities from Each Possible Outcome of a Situation

question 71

Multiple Choice

The sum of the utilities from each possible outcome of a situation weighted by the probability of that outcome is known as

• A) expected utility.
• B) total utility.
• C) marginal utility.
• D) expected value.

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Definitions:

Guilds

Associations of artisans or merchants who control the practice of their craft in a particular town, historically important in the Middle Ages.

Domestic Networks

Systems or structures within a country that connect individuals and entities for various purposes, such as communication, transportation, or support.

Hundred Years' War

A prolonged series of conflicts from 1337 to 1453 between England and France, marked by several periods of warfare and truces.