A Random Sample of 31 Charge Sales Showed a Sample

question 13

Multiple Choice

A random sample of 31 charge sales showed a sample standard deviation of $50. A 90% confidence interval estimate of the population standard deviation is

• A)1,715.10 to 4,055.68
• B)1,596.45 to 4,466.73
• C)39.96 to 66.83
• D)41.39 to 63.68

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Definitions:

Barriers To Entry

Economic or legal obstacles that prevent new competitors from easily entering an industry or area of business.

Product Substitutes

Goods or services that can be used in place of each other, where the increase in the price of one leads to an increase in demand for the other.

Oligopolists

Firms that are part of an oligopoly, a market structure characterized by a few companies dominating the market.

Equilibrium Price

The market price at which the quantity of goods supplied equals the quantity of goods demanded.