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What Is the Difference Between Bias and Random Error? Explain

question 34

Essay

What is the difference between bias and random error? Explain with an example.


Definitions:

Aggregate Supply Curve

A graphical representation showing the relationship between the overall price level and the total output produced by an economy.

Output Producers

Businesses or individuals that create goods or services for consumption.

Aggregate Demand Curve

A graphical representation showing the total demand for goods and services within a particular economy at different price levels.

Goods and Services

The output of an economy that includes both physical products and intangible activities offered for consumption.

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