The word or phrase that describes the chances of Elizabeth winning the mountain bike if she buys all the tickets is likely.
If Elizabeth buys all the tickets, then she will most definitely win the raffle because she will have the winning ticket.
In probability, when an event is certain to happen, it is said that the event is "likely." It is therefore likely that Elizabeth will win the raffle.
Find out more on likely events at https://brainly.com/question/7130419.