Consider One Toss of a Fair Six- Sided Die

question 45

Essay

Consider one toss of a fair six- sided die. State the sample space of possible outcomes. State one possible random event then state the theoretical probability of that event. Explain how you know that this is the probability of the random event.

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Definitions:

Oligopolies

Are giant corporations that control part of an economy. They are few in number and tend not to compete against one another. Instead, they can set prices at levels that are most profitable for them.

Primary Labour Market

describes sectors of the economy that offer high-paying jobs, secure employment, good working conditions, and benefits.

Supply And Demand

An economic model explaining price determination in a market based on the relationship between the quantity of a commodity available and the desire of buyers for it.

Democratic Socialist Government

A political system where socialism and democracy coexist, aiming to distribute wealth and resources more equitably while maintaining democratic freedoms.