According to the law of large numbers,when a gamble is repeated many times,
A) the average outcome increases.
B) the average outcome is the expected value.
C) the probability of each outcome changes.
D) insurance becomes less profitable when many people buy it.

Question

Quizplus · Accepted Answer

The law of large numbers states that as a gamble is repeated many times, the average outcome will tend towards the expected value. In other words, the more trials that are conducted, the closer the average result will be to the predicted outcome. This principle applies to a variety of random processes, from coin tosses to stock market investments. Therefore, option B is the correct answer.

According to the Law of Large Numbers,when a Gamble Is