The Evening Host of a Dinner Dance Reached into a Bowl

question 88

Multiple Choice

The evening host of a dinner dance reached into a bowl, mixed all the tickets around, and
Selected the ticket to award the grand door prize.What sampling method was used?

• A) Simple random sample
• B) Systematic sample
• C) Stratified sample
• D) Cluster sample

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Definitions:

Perfect Competition

A market structure characterized by many sellers and buyers, homogeneous products, and no single entity able to influence prices.

Barriers to Entry

Economic, procedural, or regulatory obstacles that prevent new competitors from easily entering an industry or area of business.

Breaking Even

The point at which total costs and total revenue are equal, resulting in no net loss or gain for a business.

Monopolistic Competitor

A firm in a market structure where many companies sell products that are similar but not identical, allowing for some control over prices.