Is the Following an Example of Theoretical Probability or Empirical

question 12

Multiple Choice

Is the following an example of theoretical probability or empirical probability? A homeowner notes that five out of seven days the newspaper arrives before 5 pm. He concludes that the probability that the newspaper will arrive before 5 pm tomorrow is about 71%.

• A)Theoretical
• B)Empirical

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Definitions:

Minor

A minor is a person who is under the legal age of majority, typically under 18 years old in many jurisdictions, and is restricted from certain legal rights and responsibilities.

Legally Bound

Obligated by law to act in accordance with an agreement.

Restraints Of Trade

Legal limitations placed on business practices and agreements that might unfairly limit competition or control prices.

Free Competition

An economic situation in which businesses operate without undue restrictions, allowing for the natural forces of supply and demand to determine prices and output.