The Relative Frequency of an Event Is the Number of Times

question 88

True/False

The relative frequency of an event is the number of times the event occurs out of the total number of times the random experiment is run.

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Definitions:

Actual Market

The existing market where a company's products or services are currently being sold, as opposed to potential new markets.

Contribution Margin

The amount by which the sale of a product or service exceeds its production and selling costs, indicating how much contributes to covering fixed costs and generating profit.

Variable Cost

A cost that varies with the level of output or production, such as materials and labor costs.

Sales Revenue

The total amount of money generated from the sale of goods and services before any costs or expenses are subtracted.