Probability Sampling Allows Confidence Limits to Be Calculated for Sampling

question 90

True/False

Probability sampling allows confidence limits to be calculated for sampling error and makes the sampling more representative.

Recognize the conditions under which firms will either enter or leave purely competitive markets.

Identify the characteristics and outcomes of constant-cost, increasing-cost, and decreasing-cost industries in the long run.

Determine the factors that lead to changes in industry size in the long run including economic profits and losses.

Understand the significance of economic profits and normal profits in the decision-making process of firms in purely competitive markets.

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Definitions:

Objective Test

A form of assessment with questions that have a single correct answer, minimizing subjectivity in grading.

Double-blind Test

An experimental procedure in which neither the participants nor the experimenters know who is receiving a particular treatment, to prevent bias in research results.

Single-blind Test

An experimental setup where the participants do not know which group (control or experimental) they belong to, but the researchers do.

Observational Study

A study in which a researcher carefully and systematically observes and records behavior without interfering with the behavior; it may involve either naturalistic or laboratory observation.