A Professor Wishes to Record Information on Some of His

question 6

Multiple Choice

A professor wishes to record information on some of his students for later use.He arrives to class early and samples the first five students that enter the room.Is this a simple random sample of size 5?

• A) yes
• B) no
• C) It depends on the information the professor seeks from the students.
• D) More information is needed to answer the question.

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers, resulting in a stable market condition.

Equilibrium Quantity

The supply and demand for goods or services at the price point where equilibrium is achieved in a market.

Price

The measure of money anticipated, obligatory, or tendered in payment towards an item.

Equilibrium Price

The cost at which the amount of a product or service that consumers want to buy matches the amount that producers are willing to sell.