Exhibit 9-4 The Manager of a Grocery Store Has Taken a Random

question 110

Multiple Choice

Exhibit 9-4
The manager of a grocery store has taken a random sample of 100 customers. The average length of time it took the customers in the sample to check out was 3.1 minutes with a standard deviation of 0.5 minutes. We want to test to determine whether or not the mean waiting time of all customers is significantly more than 3 minutes.
-Refer to Exhibit 9-4. The test statistic is

• A)1.96
• B)1.64
• C)2.00
• D)0.056

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Definitions:

Barriers to Entry

Obstacles that make it difficult for new competitors to enter a market, such as high startup costs, access to technology, and strict regulations.

Market Power

The ability of a firm or group of firms to influence or control prices or output in a particular market.

Barriers to Entry

are obstacles that make it difficult for new competitors to enter an industry, including high startup costs, strict regulations, and established brand loyalty.

Monopolistically Competitive

A market structure where many companies sell products that are similar but not identical.