The P Value Associated with a F Ratio in the Analysis

question 58

Multiple Choice

The p value associated with a F ratio in the analysis of variance tells us whether there is a significant difference in performance across all of our groups of participants; however, if there are 3 or more groups it does NOT tell us

• A) which specific groups) performed significantly better or worse.
• B) whether that difference between any two of the means is statistically significant.
• C) Both A and B are correct
• D) Neither A nor B is correct.

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Definitions:

Long Run

A period in economic analysis where all factors of production are variable, allowing for complete industry adjustment.

Industry Supply

The total output of goods or services that firms in a specific industry are willing and able to sell at various prices, over a certain period of time.

Purely Competitive Industry

A market structure where many firms offer products or services that are similar, allowing for free entry and exit, and ensuring no single firm can influence market prices.

Long-Run Adjustments

Changes in the scale of production or in the input mix used by firms in response to economic conditions over a period where all inputs can be varied.