If You Sent a Survey to a Representative Sample of 10,000

question 121

Multiple Choice

If you sent a survey to a representative sample of 10,000 graduating high school seniors asking them to report whether or not they had ever used alcohol, you should expect that about _____ would respond "yes."

• A) 2,500
• B) 4,000
• C) 7,000
• D) 9,000

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Definitions:

Long Run

A period in which all factors of production and costs are variable, allowing for full adjustment to changes.

Variable Factors

Inputs to production that can be adjusted in the short term, such as labor and raw materials.

Fixed Costs

Expenses that do not change with the level of output, such as rent or salaries.

Average Total Cost

The total cost of production divided by the quantity of output produced, representing the per unit cost of production.