In Using the Expected Value Criterion Suppose That There Are

Multiple Choice

In using the expected value criterion suppose that there are three possible outcomes (states of nature) .If the probability of outcome1 is 0.4 and the probability of outcome 2 is 0.5,then what is the probability of outcome 3?

A) P(outcome 3) = 0.1
B) P(outcome 3) cannot be determined
C) P(outcome 3) = 1.0
D) P(outcome 3) < 0