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An insurance company evaluates many variables about a person before deciding on an appropriate rate for automobile insurance. A representative from a local insurance agency selected a random sample of 15 insured drivers and recorded the amount of claims each made in the last 3 years. Based on this information, which of the following will you construct to learn about the mean amount of claims made by the company's customer?
Prestige Price
A pricing strategy where prices are set higher than average to create a perception of the product being exclusive or of superior quality.
Customary Pricing
A pricing method based on traditional prices for goods and services, often influenced by consumer expectations or market history.
Fixed-price
An agreement where the price of a product or service is set and not subject to change.
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