Random Samples of Size 49 Are Taken from a Population

question 53

Multiple Choice

Random samples of size 49 are taken from a population that has 200 elements, a mean of 180, and a variance of 196. The distribution of the population is unknown. The mean and the standard error of the distribution of sample means are _____.

• A) 180 and 24.39
• B) 180 and 28
• C) 180 and 1.74
• D) 180 and 2

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Definitions:

Dominant Price Leader

A firm that has the biggest market share in an industry and whose price changes are usually followed by other firms in the market.

Oligopoly

A market structure characterized by a small number of firms which dominate the market, leading to limited competition and potentially higher prices for consumers.

Price Leadership

A form of oligopoly in which one dominant firm sets prices and all the smaller firms in the industry follow its pricing policy.

OPEC Cartel

An organization of oil-producing countries that coordinates and unifies petroleum policies to secure fair and stable prices for petroleum producers.