Which of the Following Best Describes the Concept of Marginal

question 15

Multiple Choice

Which of the following best describes the concept of marginal probability?

• A) It is a measure of the likelihood that a particular event will occur, regardless of whether another event occurs.
• B) It is a measure of the likelihood that a particular event will occur, given the fact that another event has already occurred or is certain to occur.
• C) It is a measure of the likelihood of the simultaneous occurrence of two or more events.
• D) It is a direct way for defining the sample space of an experiment.
• It is measure of the likelihood that either one or the other out of a possible two events will occur.

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Definitions:

Profit Margins

Profit margins describe the percentage of revenue that remains as profit after all expenses have been deducted.

Expenses

The costs incurred by a business or individual in the process of earning revenue, including operational and administrative costs.

Distribution

The process of making a product or service available for use or consumption by a consumer or business user, using direct or indirect means.

Economy of Scale

Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.