A Survey of 25 Grocery Stores Revealed That the Average

question 67

Multiple Choice

A survey of 25 grocery stores revealed that the average price of a gallon of milk was $2.98,with a standard error of $0.10. What is the 98% confidence interval to estimate the true cost of a gallon of milk?

• A)$2.73 to $3.23
• B)$2.85 to $3.11
• C)$2.94 to $3.02
• D)$2.95 to $3.01

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Definitions:

Revocation

The action of rescinding or recalling a decision, law, license, or agreement, making it no longer valid.

Tendered Bid

A formal offer submitted in response to an invitation to bid for a project, often including price and terms of service.

Caveat Emptor

A Latin phrase meaning "let the buyer beware," implying that the buyer assumes the risk about the quality and condition of the product being sold.

Standard Form Contract

A contract with fixed terms prepared by a business.