An Underlying Feature of Random-Based Selection of Items Is That

question 44

Multiple Choice

An underlying feature of random-based selection of items is that each

• A) Stratum of the accounting population be given equal representation in the sample.
• B) Item in the accounting population be randomly ordered.
• C) Item in the accounting population should have an opportunity to be selected.
• D) Item must be systematically selected using replacement.

---

Definitions:

Total Product

The total quantity of goods or services produced by a firm or economy at a given time.

Profit-Maximizing Output

The level of production that maximizes a firm’s profits, determined by the intersection of marginal cost and marginal revenue.

Total Revenue

The total income earned by a firm from selling its products or services, calculated as the quantity sold multiplied by the selling price.

Marginal Revenue

The additional income earned by selling one more unit of a product or service.