The Properties of a Multinomial Experiment Include All of the Following

question 32

Multiple Choice

The properties of a multinomial experiment include all of the following except​

• A) ​the experiment consists of a sequence of n identical trials.
• B) ​three or more outcomes are possible on each trial.
• C) ​the probability of each outcome can change from trial to trial.
• D) ​the trials are independent.

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Definitions:

Utility

In economics, the total satisfaction received from consuming a good or service.

Entrepreneur

An individual who starts, organizes, manages, and assumes the risks of a business or enterprise, often innovating and creating new products, services, or business models.

Market Demand

The total quantity of a good or service that all consumers in a market are willing and able to buy at different price levels, over a specific time period.

Economic Resource

An asset used to produce goods and services that can provide economic benefit.