A Random Sample Will Be Selected from the Population of All

question 22

Multiple Choice

A random sample will be selected from the population of all adult residents of a particular city. The sample proportion will be used to estimate p, the proportion of all adult residents who are registered to vote. For which of the following situations will the estimate tend to be closest to the actual value of p? ​
I.
II.
III. ​

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Definitions:

Economic Profits

The surplus or profit earned by a firm or individual after accounting for both explicit and implicit costs.

Purely Competitive Industry

An industry characterized by many small firms producing identical products where no single firm can influence the market price.

Consumer Demand

The desire and willingness of consumers to purchase goods and services at given prices.

Increasing-Cost Industry

An industry in which production costs increase as output expands, often due to limited resources or rising input costs.