Final answer:
The correct term is ' (c) probability distribution for a random variable,' represented by a probability density function for continuous random variables or a probability distribution function for discrete random variables.
Step-by-step explanation:
The term that describes the range and relative likelihood of all possible values for a random variable is a (c) probability distribution for a random variable. For a continuous random variable, this is represented by a probability density function (pdf), which shows the likelihood of any given value or range of values. The pdf is depicted graphically, and the area under the curve represents the probability for a given range of values. The total area under the pdf curve is always one, signifying that the sum of all probabilities is one. Also, for a discrete random variable, the probability distribution function (PDF) lists all possible values and their associated probabilities, following the rules that each probability is between zero and one inclusive, and the sum of all probabilities equals one.