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The above table represents a regression done on the value of quarterly alcohol sales ($m) in Australia for 8 years (Mar 2009-Dec 2016). Time represents a time index and the dummy variables (DumJun, DumSep and DumDec) are standard quarterly seasonal dummies.

Given the results above, which of the following statements about seasonality is true?

Select one:

a.

Seasonality is not important in explaining alcohol sales

b.

Seasonality is important for December but not important for June and September

c.

Alcohol sales in the included seasons are significantly different from alcohol sales in the excluded March season

d.

The regression coefficients for DumJun, DumSep and DumDec are similar to multiplicative seasonal indexes (relative to March)

e.

Both c. and d. above