If the Empirical Results of Your Independent Samples T Test

question 20

Multiple Choice

If the empirical results of your independent samples t test allow you to reject the null hypothesis, this means that

• A) one group performed significantly differently than the other group.
• B) you have no basis to conclude that your experimental treatment was effective.
• C) the independent variable had no effect.
• D) you were testing the wrong null hypothesis.

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Definitions:

Profit-maximizing

The business objective of achieving the highest possible profit from operations, achieved by balancing costs and revenues.

Factor Price

The payment received by a factor of production, for example, wages for labor, rent for land, or interest for capital.

Production Function

A mathematical representation of the relationship between inputs (such as labor and capital) and the maximum output that can be produced with those inputs.

Profit-maximizing

The process or strategy implemented by firms to determine the price and output level that returns the highest profit.