A Simple Random Sample of Size N from a Finite

question 1

Multiple Choice

A simple random sample of size n from a finite population of size N is a sample selected such that each possible sample of size

• A)N and n have the same probability of being selected.
• B)n has a probability of 0.5 of being selected.
• C)n has a probability of 0.05 of being selected.
• D)n has the same probability of being selected.

---

Definitions:

Economic Profit

The difference between a firm's total revenue and its total costs, including both explicit and implicit costs, reflecting the true profitability of the business.

Long Run

A time frame in economics where all factors of production and costs are variable, allowing for complete adjustment to changes in the market or economic environment.

Profit-Maximizing

A strategy or point at which a business reaches the highest possible level of profit through the adjustment of sale prices, production costs, and output volume.

Level of Output

The total volume of goods or services produced by a firm, industry, or economy within a given period.