In the Logic of Statistical Significance the Elements Include

question 62

Multiple Choice

In the logic of statistical significance the elements include:

• A) assumptions regarding the independence of two variables in the population study
• B) assumptions regarding the representativeness of samples selected through conventional probability sampling procedures
• C) the observed joint distribution of sample elements in terms of the two variables
• D) all of the above

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Definitions:

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.

Income Effect

The change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.

Substitution Effect

The change in demand for a good that results from a change in its price, making consumers more likely to purchase more of a less expensive alternative or less of a more expensive one.

Demand Curves

Graphs showing the relationship between the price of a good and the quantity demanded by consumers, typically downward-sloping.