A Random Sample of 25 Roundtrip Flights Between Philadelphia and Dallas

question 65

Multiple Choice

A random sample of 25 roundtrip flights between Philadelphia and Dallas has an average airfare of $393.50 with a sample standard deviation of $50.30. The margin of error for a 90% confidence interval around this sample mean is -----.

• A)22.9
• B)14.1
• C)10.6
• D)17.2

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Definitions:

Sherman Act

A foundational antitrust law in the United States, aimed at promoting fair competition and prohibiting monopolies.

Unfair Methods

Practices in trade or business that are deemed deceptive, fraudulent, or against the competition law, harming consumers or competitors.

Sherman Act

A United States antitrust law enacted in 1890 to prohibit monopolies and prohibit business activities that prevent or restrict competition in interstate commerce.

Monopoly Power

The exclusive control by one company over an entire industry or sector, allowing for the setting of prices and lack of competition.