Mineral Resource Company Contracts to Provide Several Manufacturers with Tin

question 1

Multiple Choice

Mineral Resource Company contracts to provide several manufacturers with tin.When a cartel of tin-producing countries suddenly embargoes future shipments of tin to Mineral Resource so that it cannot fulfill its contracts,the distributor

• A)can substitute some other material for the tin.
• B)is excused from the performance of its contracts.
• C)is liable for breach of contract.
• D)must still supply the tin needs of its customers.

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Definitions:

Coefficient Of Correlation

A numerical measure that indicates the strength and direction of a linear relationship between two variables.

Confidence Interval Estimate

A range of values, derived from sample data, that is likely to contain the value of an unknown population parameter, with a specified level of confidence.

Prediction Interval

A type of interval estimate of a predicted value of a variable based on a particular set of data, encompassing the uncertainty of the prediction.

Expected Value

The long-run average value of repetitions of the experiment it represents, in probability and statistics.