Classroom a Scores an Average of 89 on an Exam

question 18

Multiple Choice

Classroom A scores an average of 89 on an exam, classroom B scores an average of 85 on the exam, and classroom C scores an average of 94 on the exam. You run an ANOVA test and find a p-value of .50. What is the next step you would take?

• A) Run a post-hoc test
• B) Reject the null hypothesis
• C) Reject the research hypothesis
• D) Determine the F-statistic

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Definitions:

Price Leadership

Strategy where the leading firm in an industry sets the price of goods or services, which other firms in the market then follow or undercut.

Covert Collusion

An indirect or secret agreement among competitors to engage in anti-competitive behaviors, such as price-setting, that is not openly acknowledged or visible to regulatory authorities or the public.

Herfindahl-Hirschman Index

A measure of market concentration used to determine the level of competition within industries.

Kinked Demand Curve

A perceived market demand curve that suggests prices will rapidly decrease if a firm raises its prices above those of its competitors, but will not increase significantly if the firm lowers prices.