In a Simple Random Sample

question 27

Multiple Choice

In a simple random sample

• A)every member of the population has an equal chance of being selected.
• B)the population is approximately normal with the mean,median,and mode being approximately equal.
• C)the mean is equal to the mode.
• D)the mean of N is always equal to the standard deviation.

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Definitions:

Good X

Placeholder term often used in economic models to represent a generic good or product.

Diminishing Marginal Utility

The principle that as a person consumes more of a good, the satisfaction gained from each additional unit decreases.

Apples

A type of fruit known for its sweet taste and crisp texture, coming in various colors such as red, green, and yellow.

Diminishing Marginal Utility

The principle that as a person increases consumption of a product, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.