Marissa Walks into a Convenience Store to Buy Something to Drink

question 3

Multiple Choice

Marissa walks into a convenience store to buy something to drink. As she stares into the cooler and considers her options, her opportunity cost of choosing a Gatorade is:

• A)the value she places on the drink she would choose if she didn't pick Gatorade.
• B)the cost of the drink she would choose if she didn't pick Gatorade.
• C)the value she places on all the other drinks she could choose instead of Gatorade.
• D)the cost of not having anything to drink.

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Definitions:

Random Sampling

A method in statistical analysis where individuals or items are selected from a larger population entirely by chance, ensuring that every member has an equal opportunity of being chosen.

Convenience Sampling

A non-probability sampling method where participants are selected based on their availability and proximity to the researcher.

Judgment Sampling

A sampling method where the samples are selected based on the opinion of an expert, rather than random selection.

Central Limit Theorem

A statistical theory stating that, given a sufficiently large sample size from a population with a finite level of variance, the mean of all samples from the same population will be approximately equal to the mean of the population.