A Listing of All Possible Outcomes of an Experiment and Their

question 11

Multiple Choice

A listing of all possible outcomes of an experiment and their corresponding probabilities of occurrence is called a ____________.

• A)Random variable
• B)Probability distribution
• C)Subjective probability
• D)Frequency distribution

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Definitions:

Curds

The solid parts of milk that coagulate during the cheese-making process, separating from the liquid (whey).

Whey

A liquid byproduct of cheese production, which is used in food products and supplements, especially for its protein content.

Income

The financial gain received by an individual or entity, typically measured per period, from work, investments, or business ventures.

Utility Function

A mathematical representation in economics that captures the level of satisfaction or happiness that consumers derive from consuming goods and services.