Final Answer:
The set of possible values for each random variable is called the sample space. Option A is answer.
Step-by-step explanation:
The sample space is the collection of all possible outcomes of an experiment or random phenomenon. For example, if we flip a coin, the sample space is {heads, tails}. If we roll a die, the sample space is {1, 2, 3, 4, 5, 6}. If we measure the weight of a person, the sample space is all possible weights, which is typically represented as an interval of numbers, such as [50 kg, 150 kg].
The probability space is a mathematical construct that assigns a probability to each outcome in the sample space. The probability of an event is a measure of how likely it is that the event will occur. Probabilities are numbers between 0 and 1, where 0 means the event is impossible and 1 means the event is certain.
The decision space is the set of all possible actions that a decision-maker can take. For example, if a company is considering whether to launch a new product, the decision space is {launch, do not launch}.
The event space is the set of all possible events that can occur in a given experiment. The event space is typically a subset of the sample space. For example, if we flip a coin, the event space is {heads, tails}. However, if we are only interested in whether the coin lands on heads or not, then the event space is {heads, not heads}.
Option A is answer.