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:

Pure Monopoly

A market structure characterized by a single seller that controls the entire supply of a unique product or service, with no close substitutes, giving them significant market power.

Oligopolistic Market

A market structure characterized by a small number of large firms dominating the industry, leading to limited competition and significant influence over market prices.

Buyers

Buyers are individuals or entities that purchase goods or services from sellers in exchange for money or other considerations.

Sellers

Parties that provide products or services available for purchase in the market.