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:

Permanent Income

A theory suggesting that an individual's consumption choices are based on their long-term income expectations rather than their current income.

Economic Decisions

Refers to choices made by individuals, businesses, or governments regarding allocation of resources to satisfy various needs and wants.

Aggregate Supply

The total supply of goods and services available to a particular market from producers at different price levels.

Discretionary Policy

A policy where government entities, like central banks or governments themselves, decide on actions or measures to take based on current economic conditions.