A Newly-Premiered Play Just Ended That Evening at a Local

question 8

Multiple Choice

A newly-premiered play just ended that evening at a local theater. Theater management briefly interviews every eighth person leaving the theater to see if that person will recommend the play at That theater to other people. Identify the type of sampling used in this example.

• A)Stratified sampling
• B)Multistage sampling
• C)Systematic sampling
• D)Cluster sampling

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Definitions:

Marginal Revenue

Marginal revenue is the additional income received from selling one more unit of a good or service, important for businesses in determining optimal production levels.

Long Run

A period in economics during which all inputs, including capital, are variable, allowing firms to adjust all aspects of production.

Economic Profits

Profits exceeding the opportunity costs of all inputs, indicating a firm is not only covering its costs but earning more than the next best alternative use of its resources.

Product Demand Curve

A graphical representation showing the relationship between the price of a product and the quantity of the product demanded by consumers.