You Stand at the Main Entrance to a Departmental Store

question 34

True/False

You stand at the main entrance to a departmental store and pick the first 20 customers that enter the store after it has opened its door for business on a single day.This is an example of a systematic sample.

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Definitions:

Weak Axiom

A principle in consumer theory stating that if a consumer prefers bundle A over bundle B when prices are constant, then the consumer will not choose B over A if the price of A decreases and B's price remains unchanged.

Revealed Preferences

A concept in economics that preferences of consumers can be inferred by observing their purchasing habits and behaviors.

Francs

A former unit of currency in France and other countries, replaced by the Euro in many instances.

Utility Function

An equation that assigns numerical values to different combinations of goods and services, capturing the level of satisfaction or preference that an individual derives from these combinations.