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A spinner is mounted on a piece of cardboard divided into six areas of equal size. Each of the six areas is a different color (blue, yellow, red, green, white and orange) . When the spinner is spun, each color should be selected by the spinner approximately of the time. A student suspects that a certain spinner is defective. The suspected spinner is spun 90 times. The results are shown below. Find the critical value to test the student's claim. Use .
Perfect Competition
A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information.
Price Takers
Firms or individuals who accept the market price as given and have no influence over it.
Differentiated Products
Goods that are distinguished from one another by quality, design, branding, and other features that make them unique to consumers.
Easy Entry And Exit
A market characteristic where firms can freely enter or leave the industry without substantial barriers.
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