The Probability of the States of Nature, After Use of Bayes

question 15

Multiple Choice

The probability of the states of nature, after use of Bayes' theorem to adjust the prior probabilities based on given indicator information, is called _____.

• A) marginal probability
• B) conditional probability
• C) posterior probability
• D) None of the answers is correct.

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Definitions:

Consideration

Something of value that is exchanged between parties as part of a contract, making the agreement legally binding.

Consideration

Something of value exchanged between parties in a contract, making the agreement legally binding.

Quantum Meruit

A legal principle that means "as much as he deserves," used to determine fair compensation for services rendered without a specific contract.

Estoppel

A legal principle that prevents a person from arguing something contrary to a claim or a statement they have previously made and on which another party has relied.