Error Arising Because of Inadequacies of the Actual Respondents to Represent

question 16

Short Answer

Error arising because of inadequacies of the actual respondents to represent the population of interest is called _____ error.

---

Definitions:

Kinked Demand Curve

A demand theory in oligopolistic markets where firms face a steeper demand curve for price increases and a flatter curve for price decreases due to competitive pricing behaviors.

Price Cuts

Reductions in the selling price of goods or services, often used as a strategy to increase demand or market share.

Profit-Maximizing Firm

A business whose primary objective is to achieve the highest possible profits through its operations and investments.

Market Share

The part of the market under the control of a specific company or product.