Final answer:
True. The larger the lottery pool, the higher the expected utility of a ticket.
Step-by-step explanation:
True. According to the central limit theorem, the larger the sample, the closer the sampling distribution of the means becomes normal. In the context of a lottery pool, the expected utility of a ticket increases with a larger pool because it reduces the risk of not winning anything. With more participants, the prize money is typically larger, which increases the expected utility.Lottery stories and myths, as illustrated by the agent's tales of lottery winners and losers, often perpetuate misconceptions and irrational beliefs about chance and luck in lotteries. These narratives, however, do not change the fact that lotteries are games of chance with fixed probabilities that do not consider individual circumstances.