In a Sample of 400 Voters, 360 Indicated They Favor

question 123

Multiple Choice

In a sample of 400 voters, 360 indicated they favor the incumbent governor. The 95% confidence interval of voters not favoring the incumbent is

• A)0.871 to 0.929
• B)0.120 to 0.280
• C)0.765 to 0.835
• D)0.071 to 0.129

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Definitions:

Price-Maker

An entity, such as a firm, that has the ability to influence the price of goods or services it sells, typically due to lack of competition.

Perfect Competitor

A theoretical market structure where many firms sell identical products, with no single seller able to influence market prices, ensuring maximum efficiency.

Withholds Output

A strategy where a firm or supplier limits the supply of a product to increase demand or prices.

Perfect Competition

A market structure characterized by a large number of buyers and sellers, homogenous products, and the free entry and exit of firms, leading to price-taking behavior.