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Identify the truthfulness of the following statements:

  1. A lottery can be described in terms of the

probability that each possible outcome occurs, and the consequences of 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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