TABLE 8-14 a Poll Was Conducted by the Marketing Department of a of a Video

question 62

Multiple Choice

TABLE 8-14
A poll was conducted by the marketing department of a video game company to determine the popularity of a new game that was targeted to be launched in three months. Telephone interviews with 1,500 young adults were conducted which revealed that 49% said they would purchase the new game. The margin of error was ±3 percentage points.
-Referring to Table 8-14, 1,500 is the size of the

• A) population.
• B) sample.
• C) frame.
• D) proportion.

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Definitions:

Marginal Cost

Marginal cost is the change in total production cost that comes from making or producing one additional unit of a good.

Perfectly Competitive

Refers to a market structure where there are many buyers and sellers, all producing homogenous products, with no single participant having the power to influence the market price.

Industry Supply Curve

A graphical representation showing the relationship between the price of a good and the total output of the industry for that good.

Elastic

Describes a situation where the quantity demanded or supplied changes significantly in response to a change in price.