You bet £20 on the roll of a dice. If the dice lands with a 6 facing upwards, you win £100. If any other number lands face up you lose your £20. To an economist you would be operating under

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Quizplus · Accepted Answer

This scenario is an example of operating under risky conditions because the outcome of the dice roll is uncertain, but the probabilities of the outcomes are known. There's a known probability (1/6) of winning £100 and a 5/6 probability of losing £20.

You Bet £20 on the Roll of a Dice