Sampling with Replacement Is

question 11

Multiple Choice

Sampling with replacement is

• A)when a unit is drawn from a finite population,the value is recorded,and then returned to the sample.
• B)a method that ensures the individuals in the sample are related to each other.
• C)when a unit is drawn from a finite population,the value is recorded,and then not returned to the sample.
• D)obtaining the same unit over and over when conducing a sample.

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Definitions:

Producer Surplus

Producer surplus is the difference between what producers are willing to accept for a good or service versus what they actually receive, reflecting their economic benefit.

Monopolist

A single seller in a market with no close substitutes for the product or service they offer, leading to significant control over prices and output.

Marginal Cost

The added expense from the production of one additional unit of a product or service.

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units.