Suppose a Large Endowment Has Been Left to Your City

question 36

Multiple Choice

Suppose a large endowment has been left to your city by a private donor. The city council has decided that the endowment should be used to build a recreation park near the center of town. One
Option is to build a skate park. It is decided that a stratified sampling plan would be the best way to
Get input from the public since opinions within a strata are likely to be similar. Which method for
Stratifying seems to be most reasonable for this scenario?

• A) Stratify by gender.
• B) Stratify by income.
• C) Stratify by age.
• D) None of these.

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Definitions:

Decrease In Demand

A downward shift in the demand curve for a product, indicating that consumers now desire less of the product at each price level.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price level, at a given point in time, often depicted as a point on a demand curve.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or resource, usually to protect consumers.

Price Floor

A government or regulatory minimum price that must be paid for a good or service, intended to prevent prices from falling too low.