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    Business
  3. Study Set
    Intermediate Microeconomics
  4. Exam
    Exam 4: Uncertainty
  5. Question
    Suppose a Lottery Ticket Costs $1 and the Probability That
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Suppose a Lottery Ticket Costs $1 and the Probability That

Question 3

Question 3

Multiple Choice

Suppose a lottery ticket costs $1 and the probability that a holder will win nothing is 99.9%.What must the jackpot be for this to be a fair bet?


A) 10
B) 100
C) 1,000
D) 10,000

Correct Answer:

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