In Performing a Hypothesis Test Where the Null Hypothesis Is

question 46

Multiple Choice

In performing a hypothesis test where the null hypothesis is that the population mean is 23 against the alternative hypothesis that the population mean is not equal to 23, a random sample of 17 items is selected.The sample mean is 24.6 and the sample standard deviation is 3.3.It can be assumed that the population is normally distributed.The degrees of freedom associated with this are _______.

• A)17
• B)16
• C)15
• D)2
• E)1

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Definitions:

Demand Elasticity

An assessment of the sensitivity of demand for a product to shifts in its price.

Monopolist Engages

Refers to actions taken by a monopolistic firm to maintain or enhance its market power, which can include setting prices or limiting supply.

Price Discrimination

The strategy of selling the same product to different customers at different prices based on their willingness to pay.

Market Segmentation

The process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into subsets of consumers (known as segments) based on some shared characteristics.