Suppose That You Wanted to Know If the "Favorability Rating

question 16

Multiple Choice

Suppose that you wanted to know if the "favorability rating" of the Mayor of St.Louis
Was still at 65 percent when this survey question was asked three months ago.If the sample size of your study is to be 200 registered voters,what is the approximate value of the standard error of the proportion for these data?

• A)0.001
• B)0.534
• C)0.005
• D)0.034
• E)0.386

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Definitions:

Monopolist

An individual or entity that is the sole provider of a particular product or service in the market, giving them the power to influence price and market conditions.

Profit Maximization

The process a firm uses to determine the price and output level that returns the highest profit.

Marginal Cost

The rise in overall expense due to the production of an extra unit of a good or service.

Output Produced

The total amount of goods or services created or produced by an economic unit, such as a company or country, within a specific period.