The Editors of Scientific American Are Able to Obtain a Representative

question 112

Multiple Choice

The editors of Scientific American are able to obtain a representative sample of their readers in order to assess their attitudes toward preservation of the rain forests in Costa Rica. When interpreting the results of their survey, the editors will be able to __________

• A) apply the results to the entire U.S. population.
• B) apply the results to Costa Rica.
• C) apply the results to subscribers of Scientific American.
• D) apply the result to scientists.

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Definitions:

MR = MC

An economic principle stating that optimal production level is reached when marginal revenue equals marginal cost.

Marginal Cost

The cost required to produce a subsequent unit of a product or service.

Marginal Cost Curve

A graphical representation showing how the cost of producing one additional unit of a good changes as production volume changes.

Short-run Supply

The total quantity of goods or services that producers are willing and able to sell at a given price in a short period.