What Is a Listing of All Possible Outcomes of an Experiment

question 50

Multiple Choice

What is a listing of all possible outcomes of an experiment and their corresponding probability of
Occurrence called?

• A) Random variable
• B) Probability distribution
• C) Subjective probability
• D) Frequency distribution

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Definitions:

Adverse Selection

A situation in markets where buyers or sellers have information that other participants do not, leading to an unfair advantage or market inefficiency.

Risk Aversion

a preference for certain outcomes over uncertain ones, often characterized by the avoidance of risky situations.

Expected Value

A calculated average of all possible values for a random variable, taking into account their probabilities of occurrence.

Lottery

A form of gambling involving the drawing of numbers at random for a prize, often regulated by governments.