In economics, a lottery is:
A)the likelihood that a particular outcome occurs.
B)a depiction of all possible outcomes of an event and their associated probabilities.
C)any event for which the outcome is uncertain.
D)a measure of risk associated with some event.

Question

Quizplus · Accepted Answer

A lottery in economics refers to any event with an uncertain outcome, not necessarily involving gambling or prizes. It's a broad term used to describe situations where the result cannot be predicted with certainty.

In Economics, a Lottery Is