The US Bureau of Labor and Statistics Reported That a Person

question 26

Multiple Choice

The U.S. Bureau of Labor and Statistics reported that a person between the ages of 18 anc had an average of $9.3$ jobs. To see if this average is correct, a researcher selected a randor sample of 8 workers between the ages of 18 and 34 and asked how many different places worked. The results were as follows:
$\begin{array}{rrrr}\hline 1 & 14 & 8 & 2 \\8 & 14 & 13 & 6 \\\hline\end{array}$

At $\alpha = 0.05$ , can it be concluded that the mean is $9.2 ?$ Use the $P$ -value method. 34 has

• A) Yes. There is not enough evidence to reject the claim that the mean number of jobs is 9.2.
• B) There is not enough information to draw a conclusion.
• C) No. There is enough evidence to reject the claim that the mean number of jobs is 9.2.

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Definitions:

Average Total Cost

The total cost of production divided by the quantity of output produced. It includes all fixed and variable costs.

Monopolistically Competitive

Refers to a market structure where many firms sell products that are similar but not identical, allowing for some degree of market power.

Downward-Sloping Demand

A representation of the inverse relationship between price and quantity demanded, highlighting that consumers buy more of a good as its price decreases.

Monopolistically Competitive

A market structure characterized by many firms selling products that are similar but not identical, allowing for slight differences to influence consumer choice.