Table 17-2

question 47

Multiple Choice

Table 17-2. The table shows the town of Pittsville's demand schedule for gasoline. For simplicity, assume the town's gasoline seller(s) incur no costs in selling gasoline.

-Refer to Table 17-2.If there are exactly two sellers of gasoline in Pittsville and if they collude,then which of the following outcomes is most likely?

• A) Each seller will sell 500 gallons and charge a price of $5.
• B) Each seller will sell 250 gallons and charge a price of $2.50.
• C) Each seller will sell 350 gallons and charge a price of $3.
• D) Each seller will sell 250 gallons and charge a price of $5.

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Definitions:

Cramér's V

A measure of association between two nominal variables, providing a value between 0 and 1.

Nonparametric Statistical Tests

Statistical tests that do not involve the estimation of population parameters or the assumption that scores for a variable are normally distributed in the larger population.

Chi-square Statistics

A statistical measure used to analyze the differences between categorical variables in a contingency table.

Degrees of Freedom

The amount of separate values or quantities that can be attributed to a statistical distribution.