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Identify the truthfulness of the following statements: A lottery can be described in terms of the probability that eachpossible outcome occurs, and the consequencesof each
Identify the truthfulness of the following statements:
- A lottery can be described in terms of the probability that eachpossible outcome occurs, and the consequencesof each outcome for the decision-maker.
- The probabilities of a lottery's outcomes must sum to zero
Both i and ii are true.
Both i and ii are false.
i is true; ii is false.
i is false; ii is true.
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