Final answer:
The sample space of possible outcomes when flipping two fair coins is {HH, HT, TH, TT}. It represents the different combinations of heads and tails for each coin.
Step-by-step explanation:
When you flip two fair coins, the sample space of possible outcomes is {HH, HT, TH, TT}. This means that there are four possible outcomes: both coins showing heads (HH), the first coin showing heads and the second coin showing tails (HT), the first coin showing tails and the second coin showing heads (TH), and both coins showing tails (TT).