Based on Survey Data,the Literary Digest Erroneously Predicted That Alf

question 139

Multiple Choice

Based on survey data,the Literary Digest erroneously predicted that Alf Landon would beat Franklin D.Roosevelt in the upcoming presidential election.What cardinal rule of survey methods did the Literary Digest violate? Make sure

• A) respondents understand the survey.
• B) you have sampled randomly from the population.
• C) respondents are given more than one response option.
• D) responses are made anonymously.
• E) the survey questions are straightforward.

---

Definitions:

Homogeneous Oligopolists

A market structure where a few firms offer products or services that are similar in nature and hence are close substitutes for each other.

Differentiated Oligopolists

Firms within an oligopoly market structure that sell products or services that are distinguishable from each other through branding, quality, or other features.

Herfindahl Index

A measure of market concentration that squares and sums the market share percentages of all firms within an industry.

Four-Firm Concentration Ratio

The four-firm concentration ratio is a measure used to assess the competitiveness of a market by calculating the combined market share of the four largest firms within an industry.