If a Penny Is Tossed Three Times and Comes Up

question 123

Multiple Choice

If a penny is tossed three times and comes up heads all three times, the probability of heads on the fourth trial is

• A)smaller than the probability of tails
• B)larger than the probability of tails
• C)1/16
• D)1/2

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Definitions:

Marginal Social Cost

The total cost to society of producing one additional unit of a good or service, including both private costs and any external costs.

Pollution Emissions

The release of pollutants into the air, water, or soil by industrial processes or other human activities.

Marginal Social Benefit

The additional gain to society as a whole resulting from an additional unit of a good or service being produced and consumed.

Marginal Social Cost

The total cost to society of producing one additional unit of a good, including both the private cost and any external costs.