We Need to Administer a Public Questionnaire About the Upcoming

question 157

Multiple Choice

We need to administer a public questionnaire about the upcoming election. We want this survey to be unbiased, and make sure that everyone has an equal chance of being chosen to participate. Which of the following should we use to meet these goals?

• A) the survey method.
• B) random selection.
• C) a case study design.
• D) the placebo effect.

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Definitions:

Marginal Cost Curve

A graphical representation that shows how the marginal cost of producing additional units changes with the level of output.

Average Total Cost

The total cost of production (fixed and variable costs) divided by the total output or quantity produced.

Fixed Costs

Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance payments.

Marginal Costs

Marginal costs are the change in total costs that arise when the quantity produced is incremented by one unit, essentially the cost of producing one more unit of a good.