Consider the Following to Answer the Question(s) Below

question 29

Multiple Choice

Consider the following to answer the question(s) below:
Winnipeg Pet Plus believes that it has a market share of 25 percent of the local dog food market. They survey 100 dog owners and ask whether or not it is their regular source of dog food, and 23 people say "yes."
-At α = 0.05

• A) we cannot conclude that the percentage of customers who buy their dog food regularly at Winnipeg Pet Plus is significantly different from 25%.
• B) we can conclude that the percentage of customers who buy their dog food regularly at Winnipeg Pet Plus is precisely equal to 25.00%.
• C) we can conclude that the percentage of customers who buy their dog food regularly at Winnipeg Pet Plus is significantly lower than 25%.
• D) we can conclude that the percentage of customers who buy their dog food regularly at Winnipeg Pet Plus is significantly higher than 25%.
• E) there is strong evidence that the percentage of customers who buy their dog food regularly at Winnipeg Pet Plus is significantly different from 25%.

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Definitions:

Central Park

A large urban park in New York City, known for its lush landscapes, walking paths, and cultural attractions.

Price Difference

The disparity in the cost between two or more goods or services.

Long-run Equilibrium

A state in an economy or market where all factors, including prices, supply, and demand, are fully adjusted and stable over time.

Perfectly Competitive

A theoretical market structure characterized by an infinite number of buyers and sellers, identical products, and no barriers to entry or exit.