If the P-Value Is Less Than α in a Two-Tail

question 157

Multiple Choice

If the p-value is less than α in a two-tail test,

• A)the null hypothesis should not be rejected.
• B)the null hypothesis should be rejected.
• C)a one-tail test should be used.
• D)no conclusion should be reached.

Determine the minimum price required for a firm to supply a positive amount of output in the long run.

Analyze the effects of changes in factor prices on the supply function.

Calculate the optimal number of units to produce or repair for maximum profit in the long run based on given cost and price information.

Appreciate the role of production functions in shaping supply decisions in economics.

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Definitions:

Franchisor

A business that allows individuals or other companies to operate and sell its products or services under its brand and business model.

Franchising

A method of business expansion where a franchisor licenses its know-how, procedures, intellectual property, use of its business model, brand, and rights to sell its branded products and services to a franchisee.

Business Models

Frameworks or plans that outline how a company creates, delivers, and captures value in economic, social, cultural, or other contexts.

Geographical Location

The specific, physical place where something exists, defined by its latitude and longitude or its place in a larger area.