All Prices Are Determined in Output Markets

question 153

True/False

All prices are determined in output markets.

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Definitions:

Mean

The arithmetic average of a set of numbers, found by dividing the sum of these numbers by the count of the numbers in the set.

Function

A relationship between a set of inputs and a set of permissible outputs, where each input is related to exactly one output.

Probability

The measure of the likelihood that an event will occur.

Function

A mathematical relation between a set of inputs and a set of permissible outputs with the property that each input is related to exactly one output.