A Random Sample from an Unknown Population Had a Sample

question 209

Multiple Choice

A random sample from an unknown population had a sample standard deviation of zero. From this piece of information, which one of the following is a reasonable conclusion?

• A) The sample range must be zero.
• B) An error was made in computing the sample standard deviation. It must always be greater than zero.
• C) The population standard deviation must be zero.
• D) The population standard deviation must be less than zero

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Definitions:

Inelastic Demand

A situation where the demand for a product does not change significantly with a change in price.

Elastic Demand

Reflects how the quantity demanded of a good or service changes in response to a change in price; high elasticity indicates demand is highly sensitive to price changes.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good consumers are willing and able to buy.

Perfectly Elastic

A situation in economic theory where the quantity demanded or supplied responds infinitely to changes in price.