Regarding the law of large numbers

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Reference no: EM13913864

Which of the following statements is correct regarding the law of large numbers?

a. it is only effective if the events being forecast are independent of one another, and have occurred in the past under substantially identical condition

b. it states that the inaccuracy between the empirical frequency and the theoretical probability will increase as the sample size increases

c. it indicates that as the uncertain surrounding the expected results decreases, the likelihood decreases that the range of outcomes will very widely

d. it represents the tendency for individuals who are highly vulnerable to loss from a specific risk to be inclined to purchase insurance

Reference no: EM13913864

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