A forecaster used the regression equation

Q_t = a + bt + c₁D₁ + c₂D₂ + c₃D₃

and quarterly sales data for 2004I-2021IV (t = 1, ..., 64) for an appliance manufacturer to obtain the results shown below. Q is quarterly sales, and D₁, D₂ and D₃ are dummy variables for quarters I, II, and III.

Using a 5 percent significance level, these estimation results indicate that sales in

Multiple Choice

• the first quarter are greater than sales in any other quarter.
• the second quarter are greater than sales in any other quarter.
• the third quarter are greater than sales in any other quarter.
• the fourth quarter are greater than sales in any other quarter.