The Process of Selecting Elements from a Population, Collecting Data

question 40

Multiple Choice

The process of selecting elements from a population, collecting data from them, and using it as representative of all those a researcher is interested in is referred to as

• A) hypothesis generation.
• B) sampling.
• C) information gathering.
• D) statistical inference.
• E) probability extrapolation.

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level in a market.

Law of Diminishing

The principle that states that as one input variable is incrementally increased, there will be a point at which the added output per unit of input will start to decrease, holding all other inputs constant.

Price-elasticity

A measure of how much the quantity demanded or supplied of a good responds to a change in its price.

Digital Media

A form of media that uses digital technology for distribution and presentation of content.