If You Commit the Gambler's Fallacy in Games of Chance

question 4

Multiple Choice

If you commit the gambler's fallacy in games of chance, then you fail to appreciate the fact that:

• A) each outcome is independent of previous outcomes.
• B) each outcome is dependent on previous outcomes.
• C) outcome probabilities change from trial to trial.
• D) each outcome is conditional on a prior outcome.

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Definitions:

Contingency Fee

A legal fee that consists of a specified percentage of the amount the plaintiff recovers in a civil lawsuit. The fee is paid only if the plaintiff wins the lawsuit or recovers damages.

Hourly Fees

Charges or costs calculated based on the amount of time spent on providing services, typically expressed per hour.

Backing Up Data

The process of copying files or databases so that they will be preserved in case of equipment failure or other catastrophe.

Hourly Fees

Charges applied based on the amount of time spent on a task or service, usually quantified in hours.