The Major Advantage of Is That It Substantially Increases the Likelihood

question 54

Multiple Choice

The major advantage of is that it substantially increases the likelihood of locating the desired characteristic in the population.

• A) quota sampling
• B) judgmental sampling
• C) snowball sampling
• D) convenience sampling

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Definitions:

Profit-seeking

The pursuit of activities that are expected to result in financial gain or increased profitability.

Profit-maximizing Output

The level of production at which a company can achieve the highest level of profit given its costs and the market price of its product.

Competitive Firm

A business that operates in a market where it has numerous competitors and cannot set prices but rather accepts market prices.

MC

Marginal Cost, the cost incurred from producing one additional unit of a good or service.