The T Test an Inferential Test Like the T Test

question 60

Multiple Choice

The t Test An inferential test like the t test is relatively robust.This means that

• A)assumptions can be violated without changing the rate of Type 1 and Type 2 errors.
• B)conclusions are valid when there are fewer than 20 subjects in each treatment group.
• C)the critical value of t is independent of the number of subjects sampled.
• D)the t test can produce valid results with ordinal data.

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Definitions:

MC = MR

A condition where marginal cost equals marginal revenue, often used to determine the profit-maximizing level of output in economic theory.

Monopolistically Competitive Industry

A market structure in which many firms sell products that are similar but not identical, allowing for competition based on quality, price, and marketing.

Output

The quantity of goods or services produced within a given time period.

Profit-Maximizing Rule

The principle that firms maximize profit by producing at the level where marginal revenue equals marginal cost.