Selecting a Subset of Clusters and Then Selecting a Sample

question 22

Multiple Choice

Selecting a subset of clusters and then selecting a sample of elements in each of those clusters is referred to as _____cluster sampling.

• A) stratified
• B) convenient
• C) single-stage
• D) two-stage

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Definitions:

Total Surplus

The sum of consumer surplus and producer surplus, representing the total benefits to society from the trade of a good or service.

Consumer Surplus

The difference between the maximum price consumers are willing to pay for a good or service and the actual price they pay.

Producer Surplus

The disparity between the price that producers are ready to accept for a product or service and the price they actually obtain.

Equilibrium Price

The cost where the amount of a product or service consumers want to buy matches the quantity that producers are willing to sell.