To Accurately Represent the Target Population, a Small Sample Should

question 58

Multiple Choice

To accurately represent the target population, a small sample should be which of the following?

• A) Randomly selected
• B) Representative of the whole group
• C) Representative in terms of demographic traits (age, region, religion, race, etc.)
• D) Representative in terms of opinions
• E) All of these are correct.

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Definitions:

Long Run

A period of time in which all factors of production and costs are variable, allowing for full industry adjustment to changes.

Minimum ATC

This refers to the lowest point on the average total cost curve, representing the most efficient scale of operation for a firm.

Short Run

refers to a period in which at least one input in the production process is fixed and cannot be changed.

Long Run

A period in economics where all factors of production and costs are variable, allowing companies to adjust to new conditions.