________ Is a Sampling Procedure in Which Each Element of the Population

question 59

Multiple Choice

________ is a sampling procedure in which each element of the population has a fixed probabilistic chance of being selected for the sample.

• A)Nonprobability sampling
• B)Probability sampling
• C)Convenience sampling
• D)Judgmental sampling

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Definitions:

Fewer Substitutes

A market condition where there are limited alternative products or services available, potentially leading to higher prices or less choice for consumers.

Unit Elastic

Describes a scenario where a change in the price of a good results in a proportional change in the quantity demanded or supplied.

Total Revenue

The total amount of money a firm receives by selling goods or services.

Price Elastic

Describes the responsiveness of the quantity demanded or supplied of a good to a change in its price; high elasticity indicates a significant response to price changes.