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A Sampling Procedure in Which Each Element of the Population

question 12

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A sampling procedure in which each element of the population has a fixed probabilistic chance of being selected for the sample is called probability sampling.


Definitions:

Right to Purchase

The option or privilege given to an individual or entity to buy something at a predetermined price within a specific time frame.

Price System

The mechanism whereby the prices of goods and services are determined in a free market economy, primarily through the interaction of supply and demand.

Allocation of Resources

The process of distributing available resources among various uses in an economy to meet the needs and desires of individuals and entities.

Favored Customers

Clients who receive special benefits from sellers due to their status, volume of purchase, or long-standing relationship.

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