Oil Quality and Price Quality of oil is measured in API gravity degrees--the higher the degrees API, the higher the quality. The table shown below is produced by an expert in the field who believes that there is a relationship between quality and price per barrel. 
A partial Minitab output follows: 
{Oil Quality and Price Narrative} Plot the least squares regression line on the scatter diagram.
Definitions:
Pure Competition
A market structure featuring a large number of small firms selling identical products, with no single firm able to influence market price.
Differentiated Products
Goods and services that are distinct from those offered by competitors due to unique characteristics, branding, quality, or features.
Market Price
The current value at which an asset or service can be bought or sold in an open market.
Firm's Demand Curve
Depicts the relationship between the price of a good or service offered by a firm and the quantity of that good or service consumers are willing and able to purchase.
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