Candace flipped a coin 10 times and recorded 3 heads and 7 tails. She claims her coin is not a fair coin. She is forgetting to apply:
A)the Gambler's Fallacy.
B)historical probability.
C)the law of Large Numbers.
D)the Monte Carlo Method.

Question

Quizplus · Accepted Answer

The law of Large Numbers states that as the number of trials (in this case, the number of coin flips) increases, the actual probability of the event (in this case, heads or tails) will approach the theoretical probability. While 3 heads and 7 tails may seem like an unfair coin, it is possible that Candace just got an unlucky streak. However, if she were to flip the coin 100 or 1000 times, she would likely see the ratio of heads to tails approach 1:1, the theoretical probability of a fair coin. Therefore, Candace is forgetting to apply the law of Large Numbers.

Candace Flipped a Coin 10 Times and Recorded 3 Heads