What Type of Probability Uses a Knowledge of Sample Spaces

question 34

Multiple Choice

What type of probability uses a knowledge of sample spaces as opposed to experiments to determine the numerical probability that an event will occur?

• A) subjective probability
• B) classical probability
• C) empirical probability
• D) conditional probability

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Definitions:

Quantity Demanded

The amount of a good or service consumers are willing and able to buy at a specific price level, ceteris paribus.

Equilibrium Price

The price level where the supply of goods meets the demand for those goods.

Loanable Funds

The total funds available in the financial markets for borrowing, which come from savings and are used for investment.

Borrowed

Refers to funds or resources obtained temporarily from another party, typically with the obligation of returning or repaying the amount with interest.