To Increase the Chance of Accuracy, It Is Important That

question 16

True/False

To increase the chance of accuracy, it is important that a sample of the population is chosen at random.

---

Definitions:

Diamond Monopoly

A diamond monopoly refers to a market structure where a single firm has exclusive control over the production and sale of diamonds.

Barriers To Entry

Obstacles that make it difficult for new competitors to enter a market, such as high start-up costs, complex regulations, or strong brand loyalty among consumers.

Economies Of Scale

Reductions in per unit costs achieved through increased levels of production.

Competitively Organized

Referring to markets or industries where multiple firms exist in competition with one another, ensuring no single entity controls the market prices or supply.