If the Null Hypothesis Is Not Rejected at the 5

question 62

Multiple Choice

If the null hypothesis is not rejected at the 5% level of significance, it _____ rejected at the 1% level.

• A) will also not be
• B) will always be
• C) will sometimes be
• D) may be rejected or not

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Definitions:

Elastic Demand

Product or resource demand whose price elasticity of demand is greater than 1, so that any given percentage change in price leads to a larger percentage change in quantity demanded. As a result, quantity demanded is relatively sensitive to (elastic with respect to) price.

Price Elasticity

A measure of how sensitively the quantity demanded of a good or service responds to a change in its price.

Supply

The total amount of a product or service available for purchase at any given time.

Demand

is the quantity of a product or service that consumers are willing and able to purchase at various prices at a given time.