When Using Area Sampling,a Researcher Should Seek a Balance Between

question 26

Multiple Choice

When using area sampling,a researcher should seek a balance between statistical efficiency,which suggests ____,and economic considerations,which suggest ____.

• A)the need for accuracy,that benefits be considered
• B)a small number of areas be used,few areas be used
• C)a large number of areas be used,few areas be used
• D)that a small sample size can be used to predict accurately,possible losses due to faulty predictions can be costly
• E)that a large number of areas be used,a large number of observations within each area be collected

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Definitions:

Shutting-Down

The process a business undergoes when it ceases operations, often due to financial struggles or strategic decisions.

Short Run

A period during which at least one factor of production is fixed, limiting the ability of a firm to adjust to changes in demand or production levels.

Average Costs

The total cost of production divided by the number of units produced, representing the cost per unit of production.

Shut-Down

The process of ceasing operations or closing a business temporarily or permanently.