Inferential Statistics Allow Us to

question 62

Multiple Choice

Inferential statistics allow us to

• A)infer something about the sample based on the population.
• B)infer something about the population based on the sample.
• C)infer that the sample is representative.
• D)do all of the above

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Definitions:

Marginal Utility

The additional satisfaction or benefit received from consuming one more unit of a good or service.

Perfect Substitutes

Items or services that can replace each other without any decrease in value or enjoyment for the user.

Utility per Dollar

A metric assessing the amount of utility or satisfaction a consumer receives per dollar spent on a good or service.

ADH

Antidiuretic Hormone, a hormone that helps to control the balance of water in the body by affecting the kidneys.