The AAA Co

question 51

Short Answer

The AAA Co. is interested in the level of satisfaction of their employees with the benefit package that they offer compared to their major competitors. A consultant hired to conduct the satisfaction survey told AAA Co. that the distribution of level of satisfaction at other companies is displayed below.
A survey of 125 AAA employees gave the following results.
What are the degrees of freedom for testing the goodness of fit at α = .05?

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Definitions:

Market Structure

The organizational and other characteristics of a market, influencing the level of competition and pricing within the market.

Oligopoly

A market structure in which a few firms sell either a standardized or differentiated product, into which entry is difficult, in which the firm has limited control over product price because of mutual interdependence (except when there is collusion among firms), and in which there is typically nonprice competition.

Innovate

The act of introducing new ideas, devices, or methods to improve productivity, efficiency, or creating new products or services.

Innovation

The process of introducing new ideas, devices, or methods, often leading to technological progress or improved solutions.