What Is Probability

question 140

Multiple Choice

What is probability?

• A) Any value between 0 and 1 is always treated as a probability of an event.
• B) A numerical value assigned to an event that measures the number of its occurrences.
• C) A value between 0 and 1 assigned to an event that measures the likelihood of its occurrence.
• D) A value between 0 and 1 assigned to an event that measures the unlikelihood of its occurrence.

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Definitions:

Competitive Strategies

Approaches adopted by businesses to gain a competitive edge over rivals, including differentiation, cost leadership, and focus strategies.

Consumer Welfare

The overall well-being and interest of consumers, focusing on the quality, affordability, and accessibility of goods and services.

Consumer Financial Protection Bureau

A U.S. government agency aimed at ensuring consumers are treated fairly by banks, lenders, and other financial institutions, and protecting consumers from unfair, deceptive, or abusive practices.

Financial Crisis

A significant disruption in the flow of funds within financial markets and institutions, leading to a severe decline in asset values and liquidity, often resulting in a recession.