The Understanding of Probability as the Proportion of a Particular

question 12

Short Answer

The understanding of probability as the proportion of a particular outcome that will be obtained if an experiment is repeated many times is the __________ interpretation of probability.

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Definitions:

Short Run

The length of time it takes all fixed costs to become variable costs.

Long Run

The long run is a period in economics wherein all inputs can be adjusted, and there are no fixed costs, allowing full operational flexibility.

Price Discrimination

A pricing strategy where identical or substantially similar goods or services are sold at different prices by the same provider.

Good Or Service

Any tangible product (good) or intangible offering (service) that can be sold or provided in a market to satisfy the demand of a customer.