As the Sample Size Increases,the Distribution of Sample Averages Approaches

question 65

Multiple Choice

As the sample size increases,the distribution of sample averages approaches a Normal distribution regardless of the shape of the sampled population.This is identified in which of the following?

• A)Assignable variation
• B)Random variation
• C)Central limit theorem
• D)Type I errors
• E)Mean charts

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Definitions:

Kinked-demand Model

A model used to explain price stability in oligopolistic markets, suggesting that firms may not change their pricing in response to small changes in costs or demand due to a perceived kink in the demand curve.

Price Increases

A rise in the cost of goods and services over a period of time, often measured as a percentage.

Price Cuts

Reductions in the selling price of goods or services, often used as a strategy to increase demand or compete more effectively in the market.

Cartel

An agreement among competing firms to control prices or exclude entry of a new competitor in a market.