The Following Samples Were Selected by Two Researchers

question 25

Multiple Choice

The following samples were selected by two researchers.Which is associated with a smaller standard error of the mean? Researcher A: n = 25, = 5, = 7
Researcher B: n = 25, = 32, = 7

• A)Researcher A
• B)Researcher B
• C)They both have the same standard error.

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Definitions:

Marginal Social Benefit

The additional benefit to society from consuming one more unit of a good or service, considering both private and external benefits.

Marginal Social Cost

The additional cost to society as a whole for producing one more unit of a good or service.

Public Good

A product or service that is available for all people to consume, regardless of whether any individual pays for it or not, typically provided by the government.

Common Resource

A natural or man-made resource that is non-excludable and rivalrous, such as fish in the ocean or a public park, which can lead to overuse and depletion.