The correct interpretation of the likelihood of randomly selecting a chocolate chip cookie from the batch, given that P(chocolate chip) = 50%, is:
Likely
This is because "likely" is an appropriate description for an event with a probability of 50%, which means that there is an equal chance of the event occurring or not occurring. Therefore, if you randomly select a cookie from the batch, there is a likely chance (50%) that it will be a chocolate chip cookie.