A Small Brew Pub Sent Out Questionnaires to a Simple

question 21

Multiple Choice

A small brew pub sent out questionnaires to a simple random sample of 250 customers asking whether they would like the brewery to include an imperial stout in their regular offerings. Of the 250 questionnaires, 12 were returned and 10 of those were in favor of including the stout. Specify The type of bias involved.

• A) Sampling
• B) Nonresponse
• C) Voluntary response
• D) Self-interest

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Definitions:

Isocost Line

An isocost line represents all combinations of inputs (like labor and capital) that cost the same amount for a firm, illustrating budget constraints in production.

Total Cost

A combination of constant and fluctuating expenses that a company endures in the process of producing goods or services.

Isoquant

A curve that shows all combinations of inputs that produce the same level of output, used in production theory to analyze optimal input combinations.

Absolute Value

In mathematics, the distance of a number on the number line from zero, without considering direction; it's always a positive value.