A State Is Said to Be Absorbing If the Probability

question 22

True/False

A state is said to be absorbing if the probability of making a transition out of that state is zero.

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Definitions:

Market Baskets

A collection of goods and services used as a standard way of tracking the cost of living or inflation over time.

Preferences

In economics, this refers to the ordering of alternatives based on their utility, showing the subjective tastes and choices of individuals.

Complete

Fully accomplished or having all necessary parts or steps.

Transitivity

Transitivity in decision making refers to the consistency among choices, where if option A is preferred over B and B over C, then A should be preferred over C.