A Kolmogorov- Smirnov One- Sample Test Was Conducted

question 137

Multiple Choice

A Kolmogorov- Smirnov one- sample test was conducted. The largest absolute difference between the observed and normal distribution was K = 0.222. The sample size was only 30 therefore, the approximate formula was used and the critical value for K was 0.248. Because the calculated value of K is than the critical value, the null hypothesis be rejected.

• A) larger; can
• B) larger; cannot
• C) smaller; cannot
• D) smaller; can

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Definitions:

Highly Elastic

Describes a situation where demand for a product is highly sensitive to changes in price, leading to significant changes in quantity demanded.

Highly Inelastic

A situation in which demand or supply changes very little in response to large changes in price, often applicable to essential or unique goods and services.

Herfindahl Index

An economic indicator used to measure the size of companies in relation to the industry and the level of competition among them.