An RA at a Local University Devised a Plan to Spot

question 3

Multiple Choice

An RA at a local university devised a plan to spot check the dorm for illegal drinking by knocking on every 5th door on each floor.What technique was the RA using?

• A) stratified sampling
• B) simple random sampling
• C) quota sampling
• D) systematic sampling

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Definitions:

Perfectly Price-Discriminating Monopoly

A theoretical market structure in which a monopolist charges each consumer the maximum they are willing to pay, capturing all consumer surplus.

Profit-Maximizing Level

The point at which a firm achieves the highest possible profit, where marginal revenue equals marginal cost.

Efficient

The characteristic of maximizing productivity with minimal waste, effort, or expense.

Inefficient

Describes a market or economy in which there are missed opportunities: some people could be made better off without making other people worse off.