You Want to Test Whether or Not the Following Sample

question 16

Multiple Choice

You want to test whether or not the following sample of 30 observations follows a normal distribution.The mean of the sample equals 11.83 and the standard deviation equals 4.53. $$\begin{array} { l l l l l l l l l l } 2 & 3 & 5 & 5 & 7 & 8 & 8 & 9 & 9 & 10 \\11 & 11 & 12 & 12 & 12 & 12 & 13 & 13 & 13 & 14 \\15 & 15 & 15 & 16 & 16 & 17 & 17 & 18 & 18 & 19\end{array}$$ At the 5% level of significance, the conclusion of the test is that the

• A) null hypothesis cannot be rejected.
• B) data does not follow a normal distribution.
• C) sample data has no probability distribution.
• D) sample data is incorrect.

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Definitions:

Equilibrium Price

The market price at which the quantity of goods supplied is equal to the quantity of goods demanded; it is the price that clears the market.

Surplus

A surplus refers to the amount by which the quantity supplied of a product or service exceeds the quantity demanded, often resulting in a decrease in prices.

Shortage

A market condition where the demand for a good exceeds its supply at a specific price, often leading to price increases.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a given time period.