MULTIPLE CHOICE -Referring to Table 2-5, What Is the Cumulative Relative Frequency

question 55

Multiple Choice

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. TABLE 2- 5
The following are the durations in minutes of a sample of long-distance phone calls made within the continental United States reported by one long-distance carrier.
$$\begin{array}{l}\begin{array} { l l }\hline&\text { Relative }\\\text {Time (in Minutes) }&\text {Frequency }\\ \hline0 \text { but lessthan } 5 & 0.37 \\5 \text { but less than } 10 & 0.22 \\\text { 10 but lessthan } 15 & 0.15 \\\text { 15 but less than } 20 & 0.10 \\\text { 20 but lessthan } 25 & 0.07 \\\text { 25 but lessthan } 30 & 0.07 \\30 \text { or more } & 0.02 \\\hline\end{array}\end{array}$$
-Referring to Table 2-5, what is the cumulative relative frequency for the percentage of calls that lasted under 20 minutes?

• A) 0.59
• B) 0.84
• C) 0.76
• D) 0.10

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Definitions:

Oligopoly

A market structure dominated by a small number of firms, leading to limited competition and possibly higher prices for consumers.

Utilitarianism

An ethical theory that suggests the best action is the one that maximizes utility, typically defined as that which produces the greatest well-being of the greatest number of people.

Moral Philosophy

The branch of philosophy dealing with values relating to human conduct, with respect to the rightness and wrongness of certain actions and to the goodness and badness of the motives and ends of such actions.

Ethical Behavior

Conducting oneself in a manner that adheres to principles of morality and fairness in all aspects of life, including business practices.