Recently, Some Executives for Highway Construction Companies Agreed to Stop

question 94

Multiple Choice

Recently, some executives for highway construction companies agreed to stop competing with each other on price and to meet every three months to decide their price for the next quarter. In this situation:

• A) the Sherman Act has been violated.
• B) the Robinson-Patman Act has been violated by price discrimination.
• C) the executives are exercising their right to free trade.
• D) the unfair trade practice acts have been violated.
• E) as long as prices don't increase-the executives have done nothing wrong.

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Definitions:

Ordinal Data

Data that represent order or ranking among categories but do not quantify the difference between categories, such as educational levels or satisfaction ratings.

Ranking Procedure

A ranking procedure is a statistical method used to assign ranks to various items or entities based on certain attributes or measurements.

Analysis of Variance (ANOVA)

A statistical method used to test the difference between two or more means by analyzing variances.

T-test

A statistical test used to compare the mean of a sample to a known value, or the means of two samples, to assess if the differences are statistically significant.