The law of small numbers describes:
A. the tendency for people to overstate the probability associated with rare events.
B. the ability to correctly estimate the expected outcome from a small number of events.
C. the higher probability that small numbers (like 1, 2, and 3) occur in random samples relative to large number (like 8 or 9).
D. the improved accuracy of averages to estimate relatively small numbers (on the order of 1 or 10) than relatively large numbers (on the order of 1,000 or 10,000).
Answer:A
The law of small numbers describes:
A. the tendency for people to overstate the probability associated with rare events. B. the ability to correctly estimate the expected outcome from a small number of events. C. the higher probability that small numbers (like 1, 2, and 3) occur in random samples relative to large number (like 8 or 9). D. the improved accuracy of averages to estimate relatively small numbers (on the order of 1 or 10) than relatively large numbers (on the order of 1,000 or 10,000).