Which Method for Establishing Probability Would Be Most Appropriate for Determining

question 65

Multiple Choice

Which method for establishing probability would be most appropriate for determining the probability that the next four books randomly selected from a library will all contain an odd number of words?

• A)method of equal alternatives
• B)method of frequency
• C)intuitive judgment
• D)The methods would all be equally appropriate.
• E)None of the methods could be applied in this situation.

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Definitions:

Short Run

A period in economics during which at least one factor of production is considered fixed, typically focusing on the immediate effects of economic decisions.

Monopolistic

Pertaining to a market structure where there is only one producer or seller for a product or service, limiting competition.

Marginal Revenue

The extra income a company earns by selling an additional unit of a product or service.

Marginal Cost

The increase in cost that arises from producing one additional unit of a good or service; it varies depending on the level of production.