In Which Situation May the Sample Proportion Safely Be Assumed

question 71

Multiple Choice

In which situation may the sample proportion safely be assumed to follow a normal distribution?

• A)n = 100, π = .06
• B)n = 250, π = .02
• C)n = 30, π = .50
• D)n = 500, π = .01

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Definitions:

Homogenous Inputs

Inputs or resources used in production that are uniform in nature and interchangeable, contributing to consistent product quality.

High Barriers

Refers to obstacles that prevent new competitors from easily entering an industry or area of business.

Differentiated Products

Products that are distinct from one another on the basis of quality, features, branding, etc., allowing businesses to target specific market segments.

Competing Firms

Businesses that operate in the same market and offer similar products or services to the same consumer base, often engaging in competition for market share.