It Is Interesting That Gasoline Stations near One Another Normally

question 28

Multiple Choice

It is interesting that gasoline stations near one another normally have the very same price - down to the tenth of a cent a gallon! From a strategic pricing perspective, we can conclude gasoline stations tend to use a:

• A) competition objective.
• B) sales volume objective.
• C) prestige objective.
• D) loss avoidance objective.

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Definitions:

Multiple Comparison Methods

Multiple comparison methods are statistical procedures used to evaluate differences among three or more group means while controlling for the probability of making type I errors.

Fisher's LSD Procedure

A statistical method used for comparing means when the null hypothesis has been rejected in an ANOVA test, standing for Least Significant Difference.

ANOVA

Stands for Analysis of Variance, a statistical method used to determine the existence of significant differences between the means of three or more independent groups.

F-test

A statistical test used to compare either two variances or the variances of more than two groups at the same time.