Find the P-Value for the Indicated Hypothesis Test

question 6

Multiple Choice

Find the P-value for the indicated hypothesis test.
-A nationwide study of American homeowners revealed that 65% have one or more lawn mowers. A lawn equipment manufacturer, located in Omaha, feels the estimate is too low for households in Omaha. Find the P-value for a test of the claim that the proportion with lawn mowers in Omaha is higher than 65%. Among 497 randomly selected homes in Omaha, 340 had one or more lawn
Mowers.

• A) 0.1118
• B) 0.0505
• C) 0.0252
• D) 0.0559

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Definitions:

Corporate Espionage

The practice of secretly gathering proprietary or confidential information from competitors or other businesses for competitive advantage.

Sustained Price Cuts

A strategic reduction in the prices of goods or services, maintained over a long period, to attract more customers or gain a competitive advantage.

Anticompetitive Strategies

Practices implemented by businesses to reduce competition, potentially leading to monopolies or unfair market advantages.

Antitrust Legislation

Laws designed to promote competition and regulate monopolistic practices within the marketplace.