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(i. The interval estimate states the range within which a population parameter probably lies.
(ii) . The measure of confidence that one has in the interval estimate is called degree of level of confidence.
(iii) For a sampling distribution of the means, 95% percent of the means would be between 1.96 standard deviations.
Direct Imitation
The process of creating a product or service that closely mimics the features of an existing product or service.
Legal Expenses
Costs associated with legal services, advice, or representation.
Monopolistic Competitors
Firms in a market structure where many companies sell products that are similar but not identical, leading to product differentiation and some price control.
R&D
Research and Development refers to the activities companies undertake to innovate and introduce new products or services.
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