TABLE 7-3 The Mean Selling Price of New Homes in a Small

question 85

Multiple Choice

TABLE 7-3
The mean selling price of new homes in a small town over a year was $115,000. The population standard deviation was $25,000. A random sample of 100 new home sales from this city was taken.
-Referring to Table 7-3, without doing the calculations, state in which of the following ranges the sample mean selling price is most likely to lie?

• A) $113,000 - $115,000
• B) $114,000 - $116,000
• C) $115,000 - $117,000
• D) $116,000 - $118,000

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Definitions:

Industrial Relations

The study and practice of managing the relationship between employers and employees, often focusing on collective bargaining, workplace disputes, and labor legislation.

Union Negotiators

Representatives of a labor union who engage in discussions with employers to establish terms of employment, wages, and workplace conditions for their members.

Confirmation Bias

The tendency to search for, interpret, favor, and recall information in a way that confirms one’s preexisting beliefs or hypotheses.

Confirmation Bias

A cognitive bias that involves favoring information that confirms one's preexisting beliefs or hypotheses.