The so-called law of averages only applies
A) under controlled conditions
B) when the probabilities are conditional
C) in the long run
D) in the short run

Question

Quizplus · Accepted Answer

The law of averages applies only in the long run, meaning that over a large enough sample size, the actual results will be closer to the expected or theoretical results. This theory does not hold true in the short run or under uncontrolled conditions. Therefore, options A and D are incorrect. The law of averages also does not depend on conditional probabilities, so option B is incorrect.

The So-Called Law of Averages Only Applies