Kathryn Has Completed a Study and Failed to Reject the Null

question 38

Multiple Choice

Kathryn has completed a study and failed to reject the null when the null hypothesis was true.Kathryn has made a _________.

• A)correct decision.
• B)a type I error.
• C)a type II error.
• D)a type III error.

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, leading to a stable market condition.

Equilibrium Quantity

The quantity of goods or services supplied is equal to the quantity demanded at the market equilibrium price.

Demand Increases

A situation wherein there is a rise in the quantity of a product or service sought after by consumers at a given price level.

Equilibrium Price

The price level at which the amount of products available for sale matches the amount consumers want to buy.