We Want to Test Whether Type of Car Owned (Domestic

question 21

Multiple Choice

We want to test whether type of car owned (domestic or foreign) is independent of gender. A contingence table is obtained from a sample of 990 people as At alpha = 0.05 level, we conclude that:

• A) x2= 3.34 and type of car owned is independent of gender.
• B) x2 = 3.34 and type of car owned is dependent of gender.
• C) x2 = 3.84 and type of car owned is independent of gender.
• D) x2 = 3.84 and type of car owned is dependent of gender.

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Definitions:

Monopoly

A market structure characterized by a single seller, selling a unique product in the market without any close substitutes, dominating the market.

Production Function

A formula that delineates the highest quantity of production achievable using specific inputs provided.

Labor

The effort exerted by humans, whether it be of a physical or mental nature, utilized in creating goods and services.

Demand Curve

A graph showing the relationship between the price of a good or service and the quantity demanded, typically downward sloping, reflecting an inverse relationship.