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Theoretical probability- what the probability "should be" if all outcomes are equally likely.
fifty-fifty
... then all outcomes are equally likely. Nothing more, nothing less. You can always re-define the outcomes so that they are not all equally likely. For example, on a single roll of a fair die, the numbers 1 to 6 are equally likely. But redefine the events so that Event A = prime number Event B = composite number Event C = neither prime nor composite number then P(A) = 1/2, P(B) = 1/3 and P(C) = 1/6 : events with unequal likelihood.
It is the set of all possible outcomes of the experiment.
All possible outcomes of an experiment is known as a sample space. This will include an exhaustive list of all the possible results to be achieved.