A ________ Is a Summary Description of a Characteristic or Measure

question 5

Multiple Choice

A ________ is a summary description of a characteristic or measure of the sample.It is used as an estimate of the population parameter.

• A) statistic
• B) finite population correction
• C) parameter
• D) precision level

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Definitions:

Marginal Revenue

The additional income earned from selling one more unit of a good or service.

Price Taker

An economic term referring to a company or an individual that cannot control the market price of its product and must accept the prevailing market price.

Total Revenue

The aggregate revenue a corporation generates from sales or services in a given time frame.

Economic Profits

The profit a company makes after accounting for both the explicit costs of production and the opportunity costs of capital.