A sample survey deals with_______________?
Correct answer: B. a statistically valid section of a population
- A. an entire population
- B. a statistically valid section of a population
- C. eating samples at various supermarkets
- D. asking people who walk by to fill out naires
Explanation
A sample survey studies a properly selected, statistically representative section of a larger population. Asking passers-by is a convenience sample and may not represent the population accurately.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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