Question: When considering expected returns, what is true about the states of the world? a-They must have probabilities that sum to 100%. b-All of these are

When considering expected returns, what is true about the states of the world?
a-They must have probabilities that sum to 100%.
b-All of these are true.
c-They represent all possible outcomes.
d-They are sometimes simplified into outcomes such as boom, bust, and normal.

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