Which of the Following Is Most Likely to Be a Fixed

question 115

Multiple Choice

Which of the following is most likely to be a fixed cost?

• A)Cost of wheels for a lawn mower manufacturer
• B)Rent on a factory building
• C)Cost of labor for cashiers at a retail store
• D)Supplies used by the housekeeping staff that cleans hotel rooms

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Definitions:

Null Hypothesis

In statistical testing, it's the presumption that there is no effect or difference among groups or variables being studied.

Probability

A numerical value ranging from 0 to 1, representing the chance of an event's occurrence.

Statistic

A quantity calculated from a set of data, used to summarize or describe characteristics of the data.

High Probability

A term indicating that an event is very likely to occur, often used in statistical analysis to describe outcomes with a large likelihood based on a probability measure.