Omega University Has a Total Student Enrollment of 6000, and All

question 34

Multiple Choice

Omega University has a total student enrollment of 6000, and all 6000 students were tested for IQ. The mean IQ for the group was 115. This value of 115 constitutes a

• A) statistic
• B) population
• C) sample
• D) parameter

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Definitions:

Consumer Surplus

The difference between what consumers are willing to pay for a good or service versus what they actually pay.

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers.

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and a product for which each seller offers an essentially identical item.

Efficient Outcomes

An economic condition whereby resources are allocated in the most effective manner, maximizing overall welfare.