Why Are Personal Interviews Usually Preferred for Research with Business

question 93

Multiple Choice

Why are personal interviews usually preferred for research with business customers?

• A) They are usually less expensive per interview than mail or telephone surveys.
• B) The interviewer can explain complicated directions and perhaps get better responses.
• C) They are more convenient than mail or telephone surveys.
• D) They are effective for getting quick answers to simple questions.
• E) None of these alternatives is correct.

Recognize the characteristics of different probability distributions (e.g., binomial, Poisson, hypergeometric).

Calculate probabilities in binomial experiments.

Calculate and interpret the mean and standard deviation in probability distributions.

Understand the application of the relative frequency method in developing discrete probability distributions.

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Definitions:

CPI

The Consumer Price Index is an indicator that calculates the overall average prices of a selection of consumer items and services, including food, transportation, and healthcare, which is utilized to measure inflation.

Winner-Take-All Markets

Markets in which the top performers are able to capture a very large share of the rewards, and the rest are left with very little.

Substitution Effect

The economic understanding that as prices rise or incomes decrease, consumers will replace more expensive items with less costly alternatives.

Income Effect

The Income Effect refers to the change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.