Which set lists the three types of probability described?

• A. Theoretical, Experimental, Axiomatic
• B. Relative, Absolute, Conditional
• C. Exact, Empirical, Subjective
• D. Simple, Compound, Conditional

Answer: (C)

Probability can be understood in different ways. The three common descriptions are exact (theoretical) probability, empirical probability, and subjective probability. Exact probability comes from a well-defined model of the situation and gives a precise value, such as when all outcomes are known or assumed equally likely. Empirical probability uses what actually happened in experiments or trials; you estimate probability by counting how often the event occurred and dividing by the total trials, with the estimate improving as more data are collected. Subjective probability expresses a personal belief about the likelihood of an event, based on intuition, prior information, or judgment, and it can vary between people.

The other sets mix concepts that aren’t standardly treated as a trio of probability interpretations. One combines terms related to different theoretical frameworks, another uses frequency and certainty terms that aren’t universally treated as distinct interpretations, and the last focuses on types of events rather than interpretations of probability. So the set that matches the commonly described interpretations—exact, empirical, and subjective—is the best fit.