Final answer:
The notation A' denotes the complement of event A and consists of all outcomes not in A. The value of P(A') when P(A) = 0.003 is P(A') = 1 - P(A) = 0.997.
Step-by-step explanation:
If A denotes some event, the notation A' (read "A prime") denotes the complement of event A, which includes all outcomes that are not in event A. Therefore, the correct answer to what A' denotes is "C. Event A' denotes the complement of event A, meaning that A' consists of all outcomes in which event A does not occur."
Given that P(A) = 0.003, the value of P(A') can be found by using the following fact: P(A) + P(A') = 1, since the probabilities of an event and its complement must sum up to 1. Thus, the value of P(A') can be calculated as P(A') = 1 - P(A). Plugging in the given probability for A:
P(A') = 1 - P(A) = 1 - 0.003 = 0.997.