A Researcher Wants to Estimate the Percent of the Population

question 50

Multiple Choice

A researcher wants to estimate the percent of the population that uses the radio to stay informed on local news issues.The researcher wants to estimate the population proportion with a 95% level of confidence.He estimates from previous studies that no more than 30% of the population stay informed on local issues through the radio.The researcher wants the estimate to have an error of no more than .03.The necessary sample size is at least _______.

• A)27
• B)188
• C)211
• D)897
• E)900

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Definitions:

Product Differentiation

A marketing strategy that businesses use to distinguish their product from similar offerings on the market.

Perfect Competition

A market structure characterized by many firms, freedom of entry and exit, homogeneous products, and perfect knowledge, leading to price taking behavior.

Monopolistic Competition

A market structure where many firms sell products that are similar but not identical, leading to competition based on quality, price, and marketing.

Identical Cost Curves

A theoretical situation where firms in a market have the same costs of production for producing any level of output.