To an economist uncertainty is defined as
A) a situation when an insurance company has worse information than the person taking out the insurance and so faces a higher risk.
B) when an outcome may or may not occur and its probability of occurring is unknown.
C) when an outcome may or may not occur, but its probability of occurring is known.
D) a situation where more than one possible choice could be made.
Correct Answer:
Verified
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A)
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