A Sample Is Representative When It ​

question 47

Multiple Choice

A sample is representative when it ​

• A) ​includes a large number of people.
• B) ​asks respondents to do something (i.e., mail the survey) in addition to taking the survey.
• C) ​includes the entire population.
• D) ​mirrors a population.

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Definitions:

Unitary

In the context of price elasticity, a situation where a change in price leads to a proportional change in quantity demanded, meaning the elasticity is equal to one.

Quantity Supplied

The volume of goods or services that manufacturers are ready and capable of selling at a certain price during a particular period.

Perfectly Inelastic

A situation in demand where the quantity demanded does not change regardless of the price level.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, clearing the market.