If a Good or Service Is Sold in a Competitive

question 185

True/False

If a good or service is sold in a competitive market free of government regulation, then the price of the good or service adjusts to balance supply and demand.

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Definitions:

Population Parameter

A characteristic or measure that describes an aspect of an entire population, such as mean or standard deviation.

Sampling Distribution

A distribution showing the chances of different outcomes for a statistic, which is generated from a significant amount of samples from a certain population.

Sample Size

The number of individuals or observations used in a sample to estimate characteristics of an entire population.

Point Estimate

A single value given as an estimate of a population parameter that is unknown.