A study was carried out to find out whether prices differed, on average, within three possible market conditions: monopoly, limited competition, and strong competition. The results were reported as F (2, 272) = 44.8. Further analysis reported that for the difference between monopoly and limited competition, F (1, 272) = 67.9 and for the difference between monopoly and strong competition, F(1, 272) = 71.3.
a. What was the total sample size used?
b. Is the overall ANOVA statistically significant?
c. Interpret the results of the further analysis. Explain.