A True-False Test Had the Following Answer Sequence

question 96

Essay

A true-false test had the following answer sequence.
T T T T F T F T F T F T T F T
T T F F F F F F F T F T F T F
Test the null hypothesis that the sequence was random.

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Definitions:

Marginal Revenue

The supplementary income resulting from the sale of one more good or service unit.

Price-Searcher Firm

A company that operates in a market with differentiated products and has some control over the price of its product because it faces a downward-sloping demand curve.

Profit Maximization

is the process or strategy by which a firm adjusts its production and sale levels to achieve the highest possible profit.

Price Takers

Firms or individuals who accept the market price as given and have no influence to change it.