In Statistics, a Population Is Made Up of

question 42

Multiple Choice

In statistics, a population is made up of

• A) a subset of a larger group.
• B) the entire world.
• C) the individuals chosen to be in an experiment.
• D) an entire group with something in common.

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Definitions:

Law of Diminishing Returns

The principle that as one factor of production is increased while others are held constant, the incremental gains in output will eventually decrease.

Marginal Output

The additional output that results from using one more unit of a particular input, holding all other inputs constant.

Resource (Labor)

Human effort, both physical and mental, used in the production of goods and services.

Short Run

A period of time in economics during which at least one factor of production is fixed, limiting the capacity to adjust to changes in demand or market conditions.