What Is the Defining Characteristic of a Random Sample

question 105

Multiple Choice

What is the defining characteristic of a random sample?

• A) It consists of an equal number of men and women.
• B) It is created by asking questions of people who randomly happen to walk by.
• C) It gives each person in the population of interest an equal chance of being chosen.
• D) It ensures that every person in the sample represents a specific racial, gender, or religious group.

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Definitions:

Perfectly Inelastic

Describes a situation in which the quantity demanded or supplied does not change in response to a change in price.

Relatively Inelastic

Relatively inelastic refers to a situation where the demand for a good or service changes little when its price changes; the percentage change in demand is smaller than the percentage change in price.

Perfectly Elastic

This term describes a situation in market economics where the quantity demanded or supplied responds infinitely to changes in price.

Relatively Elastic

Describes a situation where the quantity demanded or supplied changes significantly in response to a change in price.