Which of the Following Statements Is True Concerning the Relationship

question 16

Multiple Choice

Which of the following statements is true concerning the relationship between standard error and sample size?

• A)there is a positive relationship
• B)there is an inverse relationship
• C)As sample size decreases, the standard error decreases.
• D)As sample size increases, the standard error increases.

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Definitions:

Long-run Adjustments

Changes a firm or industry makes over a long period to adapt to changes in demand, technology, or other economic factors.

Allocative Efficiency

Occurs when resources are distributed in a way that maximizes the net benefit to society, with goods and services produced at the level where the last unit provides a benefit equal to its cost of production.

Purely Competitive Industry

An industry characterized by many sellers offering identical products where each seller is a price taker due to market forces.

Supply

The complete volume of a good or service offered for sale at a specified price range in a certain market area.