A measure of the average value of a random variable is called a (n):

a. variance

b. standard deviation

c. expected value

d. coefficient of variation

Option C) Expected value

Step-by-step explanation:

We have to fill the blank to complete the sentence.

Expected value is defined as the as mean value of the expected outcome of a given investment. It is calculated as the weighted average of all possible values of a random variable based on their probabilities.

Thus,

A measure of the average value of a random variable is called expected value.