A Random Spinner Can Land on Red,green,blue,or Yellow

question 65

Multiple Choice

A random spinner can land on red,green,blue,or yellow.If on the first three spins it lands once each on red,green,and yellow,is it more likely to land on blue on the fourth spin?

• A)Yes,because every color is equally likely to occur.
• B)Yes,because the Probability Assignment Rule dictates that all outcomes should occur.
• C)No,because the spins are disjoint events.
• D)Yes,because the spinner shows randomness,not chaos.
• E)No,because knowing one outcome will not affect the next.

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Definitions:

Insurance Premiums

Payments made to an insurance company in exchange for coverage, typically paid on a monthly or annual basis.

Demand Curve

A graphical representation that shows the relationship between the price of a good or service and the quantity of that good or service that consumers are willing and able to purchase at various prices.

Adverse Selection

A situation in which one party in a transaction possesses information that the other party does not, leading to an imbalance in the exchange, often seen in insurance markets.

Insurance Market

A market where individuals or entities can transfer or share risk by purchasing insurance policies from insurers, who assume the risk in exchange for premiums.