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14. Assume there are only three possible states of nature for the economy in the future: boom, normal, and recession. If there is a 25%

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14. Assume there are only three possible states of nature for the economy in the future: boom, normal, and recession. If there is a 25% chance of a recession and a 30% chance of a boom, then what is the probability of a normal economy in the future? a. 45% b. 30% c. 25% d. 100%

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