A Pie Chart Shows the Frequency Count of Customers of a Store

question 14

Multiple Choice

A pie chart shows the frequency count of customers of a store for the year, by two age intervals. One age interval contains 65% of the data. The other age interval is not labeled in the chart. What could be the primary purpose of this exhibit?

• A) exhibit frequency counts by age-group
• B) provide a distribution by category
• C) show the relative importance of a number
• D) illustrate parts of a whole for a variable

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Definitions:

Product Differentiation

The process by which companies distinguish their products from those of competitors in the eyes of consumers, often through branding, design, and quality.

Tacit Collusion

A form of collusion that occurs without explicit agreement among competing firms, often through mutual understanding or adoption of similar behaviors.

Market Shares

The percentage of total sales or total revenue generated by a company in a particular market.

Price Leadership

Price leadership occurs when one leading company in an industry sets the price for its products, and other companies in the industry follow suit, often seen in oligopolistic markets.