A List of All Members of the Population Is Called

question 5

Multiple Choice

A list of all members of the population is called a

• A)sampling unit.
• B)probability sample.
• C)frame.
• D)relevant population

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Definitions:

Excess Quantity

The situation where the supply of a product exceeds the demand for it at a specific price point, leading to a surplus.

Deadweight Loss

A loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved.

Market Equilibrium

The state in which the supply and demand for a good or service are balanced, leading to a stable price.

Consumer Surplus

The variance between the total price consumers are ready and able to fork over for a good or service and the sum they ultimately pay.