Which of the Following Statements Is Not True Regarding Probabilities

question 26

Multiple Choice

Which of the following statements is not true regarding probabilities:

• A)probability is the basis for inferential statistics
• B)probabilities are subjective measures with limited value in business.
• C)probabilities are used to determine the likelihood of certain outcomes
• D)probabilities can inform many business decisions.

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Definitions:

Communications Industry

A sector that encompasses companies and technologies involved in the transmission of information, including media, internet, telecommunications, and broadcasting.

Social Regulation

Rules designed to protect the health, safety, and welfare of the public, often including environmental and worker safety regulations.

Allocative Efficiency

The apportionment of resources among firms and industries to obtain the production of the products most wanted by society (consumers); the output of each product at which its marginal cost and price or marginal benefit are equal, and at which the sum of consumer surplus and producer surplus is maximized.

Small Firms

Businesses with a limited number of employees and revenue, often characterized by more personalized customer service and less market control compared to larger companies.