Consider the Following to Answer the Question(s) Below

question 16

Multiple Choice

Consider the following to answer the question(s) below:
Vending machines on a college campus offer a variety of drinks. The purchasing agent believes that each type of drink is equally preferred by students and consequently orders equal quantities. The number of drinks sold from vending machines on this campus for the last six months is shown in the following table.

-The correct null hypothesis to test if the purchasing agent is correct can be worded as

• A) the types of drinks are not equally preferred by the students buying drinks.
• B) all types of drinks are equally preferred by the students.
• C) the types of drinks are independent from each other.
• D) the type of drink is dependent on gender of a student.
• E) the type of drink is dependent on student's program.

---

Definitions:

Equilibrium Price

Equilibrium price is the market price at which the quantity of goods supplied is equal to the quantity of goods demanded.

Government Implementation

The process by which government agencies put laws, regulations, or policies into practice.

Price Floor

A minimum legal price set above the equilibrium price, leading to surpluses as supply exceeds demand.

Price Ceiling

A legal maximum on the price at which a good can be sold, often set by government.