A. There are finite number of possible states
B. States are collectively exhaustive & mutually exclusive
C. Long-run probabilities of being in a particular state will be constant over time
D. All of the above
✅ The correct answer is option D.
A problem is classified as Markov chain provided are there are finite number of possible states, States are collectively exhaustive & mutually exclusive and Long-run probabilities of being in a particular state will be constant over time.
A problem is classified as Markov chain provided are there are finite number of possible states, States are collectively exhaustive & mutually exclusive and Long-run probabilities of being in a particular state will be constant over time.