Which of the Following Situations Is Most Likely to Produce

question 100

Multiple Choice

Which of the following situations is most likely to produce a random sample?

• A)a selection procedure that reduces the chances of selecting improbable events
• B)balancing the sample with both improbable and probable elements of the population
• C)a selection procedure devised so that each element in the population is equally likely to be selected
• D)all of these

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Definitions:

Economic Profit

The difference between a firm's total revenues and the sum of its explicit and implicit costs, indicating its overall financial health beyond just accounting profits.

Ideal Economic Efficiency

Achieving the optimum level of output and resource allocation where no individual or preference can be made better off without making someone else worse off.

Monopolist

A market participant that is the sole seller of a good or service, with significant control over its price.

Output Increase

Refers to a rise in the quantity of goods or services produced by an individual, company, or economy over a given period.