I Chi-Square Goodness-Of-Fit Test Is the Appropriate Statistical Test to Use

question 91

Multiple Choice

i. Chi-square goodness-of-fit test is the appropriate statistical test to use when you wish to determine how well an observed set of data fits an expected set of data. ii. The null hypothesis in the goodness-of-fit test is that there is no difference.
iii. The alternative hypothesis states that there is a difference between the observed frequencies and the expected frequencies in a goodness-of-fit test.

• A) (i), (ii), and (iii) are all correct statements.
• B) (i) and (ii) are correct statements but not (iii).
• C) (i) and (iii) are correct statements but not (ii).
• D) (ii) and (iii) are correct statements but not (i).
• E) (i), (ii), and (iii) are all false statements.

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Definitions:

Competitive Spectrum

The range of competition levels across different markets or industries, from perfect competition to complete monopoly.

Collusion

The practice of firms to negotiate price and/or market share decisions that limit competition in a market.

Concentration Ratios

Concentration ratios are measures that indicate the extent of market control by the largest firms within an industry, reflecting the degree of market competition.

High Concentration

A situation in a market where a small number of firms hold a large market share, often leading to reduced competition.