A Simple Random Sample from an Infinite Population Is a Sample

question 20

Multiple Choice

A simple random sample from an infinite population is a sample selected such that

• A) each element is selected independently and from the same population.
• B) each element has a 0.5 probability of being selected.
• C) each element has a probability of at least 0.5 of being selected.
• D) the probability of being selected changes.

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Definitions:

Marginal Cost

The expense incurred from manufacturing an extra unit of a product or service.

Total Social Benefit

The total benefit to society from producing or consuming a good, including both private benefits and any external benefits.

Total Individual Benefit

The total value or satisfaction that an individual derives from consuming a particular quantity of goods or services.

Marginal Benefit

The supplementary enjoyment or advantage gained by consuming another unit of a good or service.