The ________ is the probability of moving from one state to another during one time period.
A) transition probability
B) state of the system
C) steady-state probabilities
D) transition matrix

Question

Quizplus · Accepted Answer

The probability of moving from one state to another during one time period is referred to as the transition probability. This is represented using a transition matrix, which provides the probabilities of moving from each state to every other state. Thus, option A - transition probability is the correct choice. Option B - state of the system refers to the current state of the system at a specific point in time. Option C - steady-state probabilities refer to the long-run probabilities of being in each state after the system reaches equilibrium. Option D - transition matrix represents the probabilities of moving from one state to another over one time period.

The ________ Is the Probability of Moving from One State