SOLUTION: Which of the following statements are true? Mark all that apply. 1) If P(A) is the probability that event A will occur, the probability event A will not occur is P(A')= -P(A)

Question 1178121: Which of the following statements are true? Mark all that apply.
1) If P(A) is the probability that event A will occur, the probability event A will not occur is P(A')= -P(A)

2) The probability of an event that is certain is 1.
3) Expected Value is the actual gain or loss each time an event takes place.
4)The probability of an event A cannot be negative.
5) Expected Value is the average gain or loss of an event if the procedure is repeated many times.
6) The probability of an impossible event is 0.
7) If the Expected Value of a game is 1, we say that it is a 'fair game'
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
1. is NO, since it states a probability is negative. p(A')=1-p(A). That means 4 is also NO.
2. TRUE.
3. NO, it is over time, which means 5 is TRUE.
6. TRUE, expected values are averages over time.
7. NO. A fair game has expected value 0, neither gain nor loss.
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