Which of the Following Best Describes What Is Meant by the Probability

question 92

Multiple Choice

Which of the following best describes what is meant by the probability of the outcome of a random phenomenon?

• A)The count of the short-term occurrences of the outcomes
• B)The count of the outcomes of the phenomenon that occur in a haphazard manner
• C)The proportion of outcomes that can be expected to be observed during a short experiment
• D)The proportion of times the outcome would occur in a very long series of repetitions
• E)The proportion of repetitions that result in the outcome when an experiment is conducted about the random phenomenon

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Definitions:

World Price

The international market price of a good or service, determined by world demand and supply.

Domestic Price

The price of goods or services within a country's borders.

Efficient Nation

A country that utilizes its resources in the most productive way possible, maximizing output and welfare with minimal waste.

Comparative Advantage

The capacity of a person, business, or nation to provide a product or service with a smaller opportunity cost compared to rival entities.