What Is the Probability of an Event

question 56

Multiple Choice

What is the probability of an event?

• A)A number between 0 and 1 that reports the likelihood of the event's occurrence
• B)A collection of outcomes
• C)A single attempt or realization of a random phenomenon
• D)Its long-run relative frequency
• E)Two of the above

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Definitions:

Market Price

The current price at which a good or service can be bought or sold in the open market.

Marginal Revenue Product

The additional revenue generated by employing one more unit of a resource, such as labor or capital.

Resource Price

The cost of inputs used in the production of goods or services, such as labor, raw materials, and capital.

Marginal Product

The additional output produced as a result of adding one more unit of a specific input, while holding other inputs constant.