Describe the Difference Between a "Population" and a "Sample

question 68

Essay

Describe the difference between a "population" and a "sample." What is a "representative sample"? What is the best way to achieve representativeness in a sample?

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Definitions:

Game-Tree

A graphical representation of the possible moves in a game, showing the sequential nature of players' actions and choices.

Allocative Efficiency

A state of the economy where resources are distributed in a way that maximizes the net benefit to society, meaning that goods and services are produced and consumed at quantities where the marginal benefit equals marginal cost.

Oligopoly

A market structure characterized by a small number of firms that dominate the market, leading to limited competition and potentially higher prices for consumers.

Monopoly

A market structure characterized by a single seller, selling a unique product in the market without any close substitutes.