Walters Used a Computer Listing of T&T’s Credit Memos, Which

question 4

Multiple Choice

  Walters used a computer listing of T&T’s credit memos, which totaled 2,400 items, to select 4 random starting points for examination. The remaining memos were identified for testing by selecting every 24th item until the sample size reached 100 memos.

• A)unrestricted random (UR)
• B)systematic random (SR)
• C)haphazard (H)
• D)block (B)

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Definitions:

Optimal Level

In economics, the optimal level refers to the most efficient, effective, or desirable point of operation or outcome in terms of maximizing benefits or minimizing costs.

Short Run

The Short Run is a period during which at least one factor of production is considered fixed in supply, limiting the ability of a business to alter its output levels.

Monopolistically Competitive

A market structure characterized by many sellers offering differentiated products, leading to competition based on product quality, price, and marketing.

Fixed Cost

An expense that does not vary with the volume of production, such as insurance or lease payments.