You Will Make the Decision to ______ When the Probability

question 58

Multiple Choice

You will make the decision to ______ when the probability of a statistic is ______.

• A) reject the null hypothesis; 'low' (< .05)
• B) not reject the null hypothesis; 'high' (< .05)
• C) not reject the null hypothesis; 'low' (< .05)
• D) reject the null hypothesis; 'low' (> .05)

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Definitions:

Demand

How much of a service or product buyers intend and are financially able to acquire at various price intervals during a designated period.

Supply

The total amount of a specific good or service that is available to consumers in the market.

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a given price over a specific time period.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a given period.