Exhibit 22-2 A Simple Random Sample of 43 Elements Has Been Selected

question 13

Multiple Choice

Exhibit 22-2
A simple random sample of 43 elements has been selected from a population of size 800. The sample mean is 500, and the sample standard deviation is 60.
-Refer to Exhibit 22-2. An approximate 95% confidence interval for the population mean is

• A)482.2 to 517.8
• B)440.0 to 560.0
• C)500.0 to 560.0
• D)440.0 to 500.0

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Definitions:

Automatic Market Adjustments

The self-regulating behavior of markets where prices and quantities adjust to changes in demand and supply conditions without external intervention.

Purely Competitive Firm

A market structure where firms are price takers and sell homogeneous products with many buyers and sellers, leading to perfect competition.

Economic Profit

The contrast between a company's overall receipts and its full charges, considering both palpable and inferred costs.

Long Run

A time period in economics during which all factors of production and costs are variable, allowing for all adjustments to be made to achieve an equilibrium.