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Suppose that the factor market for computer engineers is competitive in India and Canada,but Indian engineers earn one-fifth of what Canadian engineers earn.This means that engineers in India are price takers,but engineers in Canada are not.
Margin Of Error
An estimate of the amount of random sampling error in a survey's results, expressing the range within which the true value is expected to lie with a certain level of confidence.
Sample Size
The number of observations or units included in a sample from a population, critical for the reliability of statistical analyses.
Interval Estimate
An array of values extracted from sampling efforts, which is supposed to enclose the value of an unidentified population parameter.
Population Parameter
A numerical value that summarizes or describes an aspect of a population, such as the mean or variance.
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