​When the Null Hypothesis Is Rejected, It Is​

question 4

Multiple Choice

​When the null hypothesis is rejected, it is​

• A) possible a Type I error has occurred.
• B) ​not possible a Type I error has occurred.
• C) possible a Type II error has occurred.
• D) ​possible either a Type I or a Type II error has occurred.

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Definitions:

Surplus Decrease

A reduction in the amount by which the quantity supplied of a product exceeds the quantity demanded.

Consumer Surplus

The gap between the amount consumers are prepared to pay for a product or service and the actual price they pay.

Surplus Increase

Refers to the rise in excess resources or goods available beyond what is needed or consumed.

Sellers' Costs

The expenses incurred by sellers in providing goods or services, including production, labor, and marketing costs.