A Manufacturer Claims That Less Than 1% of All Its

question 87

Short Answer

A manufacturer claims that less than 1% of all its products do not meet the minimum government standards. A survey of 500 products revealed that 10 did not meet the standard. The p-value is ______________.

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Definitions:

Limited Liability Company

An enterprise organization that fuses the limited liability benefit of corporations with the pass-through taxation system characteristic of sole proprietorships or partnerships.

Engages In Fraud

The act of deliberately deceiving another individual or entity to gain an unfair or unlawful advantage.

Limited Liability Company

Is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Personally Liable

Being directly responsible for an obligation or debt, where one's personal assets can be used to satisfy the liability.