Consider the Following Set of Salary Data What Assumptions Are Necessary to Perform a Test for the r

question 28

Multiple Choice

Consider the following set of salary data: $$\begin{array} { l r r } \hline & \text { Men (1) } & \text { Women (2) } \\\hline \text { Sample Size } & 100 & 80 \\\text { Mean } & \$ 12,850 & \$ 13,000 \\\text { Standard Deviation } & \$ 345 & \$ 500 \\\hline\end{array}$$ What assumptions are necessary to perform a test for the difference in population means?

• A)The two samples were independently selected from the populations of men and women.
• B)The population variances of salaries for men and women are equal.
• C)Both of the target populations have approximately normal distributions.
• D)All of the above are necessary.

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Definitions:

Pure Monopoly

exists when a single firm is the sole provider of a product or service in a market, without any close substitutes, giving it substantial control over pricing.

Demand Schedule

An illustration that details the quantity of a commodity or service that individuals are eager and have the means to purchase at varying prices.

Profit-Maximizing

The process or strategy employed by firms to increase their profits to the highest possible level.

Cost Data

Information regarding the expenses involved in producing a good or service, including materials, labor, and overhead costs.