It Is Known That the Population Variance Equals 484

question 27

Multiple Choice

It is known that the population variance equals 484. With a .95 probability, the sample size that needs to be taken to estimate the population mean if the desired margin of error is 5 or less is

• A) 25
• B) 74
• C) 189
• D) 75

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Definitions:

Herfindahl-Hirschman Index

A measure of concentration calculated as the sum of the squares of the market share of each firm in an industry.

Largest Firm

The organization within a particular industry or market that has the highest revenue, market share, or workforce size.

Market Share

The percentage of an industry's total sales that is earned by a particular company over a specified time period.

Covert Collusion

A secret agreement between firms to fix prices, limit production, or divide markets, which is illegal and anti-competitive.