A Mail-Order Business Prides Itself in Its Ability to Fill

question 34

Short Answer

A mail-order business prides itself in its ability to fill customers' orders in less than six calendar days, on average. Periodically, the operations manager selects a random sample of customer orders and determines the number of days required to fill the orders. On one occasion when a sample of 39 orders was selected, the average number of days was 6.65 with a population standard deviation of 1.5 days. Calculate the appropriate test statistic to test the hypotheses.

Evaluate the efficiency of monopolistic competition in the long run.

Understand the definition and characteristics of monopolistic competition.

Identify the long-term outcomes for firms in a monopolistically competitive market, including profit potentials.

Recognize how monopolistic competitors influence prices and process output decisions.