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The mean gross annual incomes of certified tack welders are normally distributed with the mean of $50,000 and a standard deviation of $4,000. The ship building association wishes to find out whether their tack welders earn more or less than $50,000 annually. The alternate hypothesis is that the mean is not $50,000.
Which of the following is the alternate hypothesis?
Demand
The quantity of a good or service that consumers are willing and able to purchase at a given price over a specified period.
Elastic
Describes a situation where the quantity demanded or supplied of a good is sensitive to changes in its price.
Current Margin
The existing difference between a company's sales and its variable costs, indicating the portion of sales revenue that covers fixed costs and profits.
Desired Margin
The target profit margin a company aims for in pricing its products or services.
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