A Sample Is Selected by Including Everybody Who Sits in the First

question 120

True/False

A sample is selected by including everybody who sits in the first row of a business statistics class. This is an example of a cluster sample.

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Definitions:

Diminishing Returns

A rule that implies that after reaching a certain threshold, the profit rate from investing more into a specific sector won't keep rising unless there are changes in other contributing factors.

Production Function

An equation that describes the maximum output that can be achieved with a given set of inputs.

Labor

The use of human mental and physical efforts in the process of producing goods and offering services.

Average Total Cost

The average cost per unit of output, calculated by dividing the total production cost by the quantity of goods produced.