If One Were to Pick an Explanation from Economics for Why

question 1

Multiple Choice

If one were to pick an explanation from economics for why 6pm.com customers took advantage of the programming error that priced every piece of merchandise at $49.95,it was to __________.

• A) avoid the sacrifice effect of price
• B) experience the pleasure of "cheating back" a large corporation
• C) see if the company would eat the loss
• D) join a class action suit
• E) all of the above

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Definitions:

Mean

The arithmetic average of a set of numbers, calculated by adding all the numbers and dividing by the count of numbers.

Hypothesized Population Mean

The expected mean value of a population parameter that is proposed prior to conducting a study.

Z-score

A statistical measure that indicates the number of standard deviations a data point is from the mean.

Hypothesized Population Mean

The presumed average of a population parameter specified in the null hypothesis that statistical tests aim to examine.