If a Group of Firms in a Particular Category of Goods

question 145

True/False

If a group of firms in a particular category of goods all change their quantity sold by 1 percent and revenues change significantly, then the firms constitute a market.

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Definitions:

Freshman Class

A group of students who are in their first year at a secondary or post-secondary educational institution.

Sampling Distribution

The probability dispersion of a particular statistic, facilitated by a randomly selected sample.

Z-Value

A statistical measure that quantifies the number of standard deviations a data point is from the mean of a data set.

Standard Error

A measure of the statistical accuracy of an estimate, equal to the standard deviation of the theoretical distribution of a large population of such estimates.