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The probability of any outcome is described as which quantity?
AIts long-term relative frequency
BIts short-term absolute frequency
CIts cumulative frequency total
DIts rank inside the sample space
Answer & Solution
Correct answer: A. Its long-term relative frequency
1. Probability is defined as the long-term relative frequency of an outcome.
2. Flipping a fair coin 20 times may give any split at all, but 20,000 flips settle near half heads.
3. The relative frequency therefore approaches 0.5, which is the probability of heads.
4. A short run of trials gives an absolute count that need not match the probability, which is why the long term is specified.
_Source: OpenStax Introductory Business Statistics (CC BY 4.0), Ch 3 "Probability Topics", section 3.1 Terminology_
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