Exhibit 12

question 67

Multiple Choice

Exhibit 12.5 In the following table,individuals are cross-classified by their age group and income level. Refer to Exhibit 12.5.Using the p-value approach and α = 0.05,the decision and conclusion are:

• A)Do not reject the null hypothesis,age and income are dependent
• B)Do not reject the null hypothesis,age and income are independent
• C)Reject the null hypothesis,age and income are dependent
• D)Reject the null hypothesis,age and income are independent

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Definitions:

American Capitalism

A system marked by private property, competitive markets, economic incentives, and limited government intervention in the economy.

Product Differentiation

The technique of identifying a product or service as unique in the market to boost its desirability to a chosen target demographic.

Mass Production Techniques

Methods of producing large quantities of products quickly and efficiently using assembly lines and standardized parts.

Product Differentiation

The process of distinguishing a product or service from others in the market to make it more attractive to a particular target market or segment.