Suppose a lottery ticket costs $1and has a jackpot of $1 million. What must the probability of winning nothing be if the bet is fair?
a. 99%
b. 99.9%
c. 99.999%
d. 99.9999%
d
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A bottle of wine costs $8 and a quiche costs $5. At Robert’s present levels of consumption, he spends all his income and receives marginal utility of $10 from the last bottle of wine and marginal utility of $4 from the last quiche. To maximize his total utility, Robert should
A. buy less wine and more quiche. B. buy more wine and less quiche. C. spend all of his money on wine. D. change his spending pattern until he buys 8/5ths as much wine as quiche.
Game theory is most useful for analyzing
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.
When a consumer is at his or her best affordable point, the budget line
A) is flatter than the highest attainable indifference curve. B) is tangent to the highest attainable indifference curve. C) is steeper than the highest attainable indifference curve. D) does not touch the highest attainable indifference curve.
The world price of cotton is the highest price of cotton observed anywhere in the world
a. True b. False Indicate whether the statement is true or false