Flip the coin below. Suppose that you win a prize if it comes up heads. What is p, the probability of success? What is 1 – p, the probability of failure?

"p," the probability of success, is the chance of winning a prize.  This is equal to 50% (1/2).

1 - p, the probability of failure, is the chance of not winning or losing a prize.  This is equal to 50$ (1 - 0.5).

Step-by-step explanation:

When an outcome is obtained from two events, the probability of the outcome happening is 50% (1/2).

On the other hand, the probability of the intended outcome not happening is the difference between 1 and the probability of obtaining the outcome from the two events.  This is statistically expressed as 1 - p.