The Professor of a Business Statistics Class Wanted to Find

question 130

True/False

The professor of a business statistics class wanted to find out the mean amount of time per week her students spent studying for the class.She divided the students into the left,right and center groups according to the location they sat in the class that day.One of these 3 groups was randomly selected and everyone in the group was asked the mean amount of time per week he/she spent studying for the class.This is an example of a cluster sample.

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Definitions:

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given time period.

Opportunity Cost

The relinquishment of possible advantages from alternate options upon making a choice.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, measured by the area above the supply curve and below the price level.

Demand

The desire to purchase goods and services backed by the ability and willingness to pay a certain price.