The Actions of Cartels Generally Result in _____ for Consumers

question 24

Multiple Choice

The actions of cartels generally result in _____ for consumers.

• A) lower prices
• B) brand loyalty
• C) higher prices
• D) increase in supply

---

Definitions:

T-statistic

A statistic calculated from a dataset to compare the mean of the data to a hypothetical mean as part of a t-test.

Critical Value

The boundary value from a statistical distribution where, if the observed test statistic is beyond this point, the null hypothesis is rejected.

Null Hypothesis

A default statement suggesting that there is no statistical significance between the specified datasets, or no effect of a certain variable.

T-statistic

A type of statistic used in hypothesis testing, calculated as the difference between an observed sample mean and a hypothesized population mean, divided by the standard error of the mean.