The Expression "There's No Such Thing as a Free Lunch

question 128

Multiple Choice

The expression "There's no such thing as a free lunch" means that

• A)services may be free, but goods are never free
• B)even if it has a price of zero, a good or service has a cost
• C)charitable organizations should not serve free lunches to the poor
• D)poor people are really the ones who pay for their allegedly free lunches
• E)someone has to pay the market price for a good or service

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Definitions:

Statistical Method

A mathematical approach used for analyzing statistical data, often for the purpose of making conclusions from the data.

Hypothesis Test

A statistical procedure that uses data derived from a sample to investigate a hypothesis related to a population's parameter.

Process Mean

The average of a set of process data points, indicating the central tendency of a process over a given period.

Assignable Variation

Assignable variation is variation in a process that can be traced to specific causes, such as machine malfunctions or operator errors, as opposed to random variation.