Define Relative Frequency Distribution

question 56

Short Answer

Define relative frequency distribution.

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Definitions:

Absolute Terms

A method of expression or measurement that is independent of other variables or comparisons, focusing on intrinsic values.

Prospect Theory

A behavioral economic theory that describes how people make choices when faced with uncertain outcomes, emphasizing the value of gains and losses rather than final outcomes.

Default Options

Pre-selected choices or settings designed to simplify decision-making by assuming a standard action unless an alternative is specified.

Status Quo Bias

A cognitive bias that leads individuals to prefer things to stay the same by resisting change or new alternatives.