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Conduct a full hypothesis test and determine if the given claim is supported or not supported at the 0.05 significance level. Round all amounts and standard scores to two decimal places.
-In a sample of 47 adults selected randomly from one town, it is found that 10 of them have been exposed to a particular strain of the flu. Test whether the claim that the proportion of all all adults exposed to this strain is different from 8% is supported or not supported.
Price Floor
A government-imposed minimum price set above the equilibrium price, preventing market prices from falling below it.
Shortage/Surplus
Conditions where the quantity demanded is greater than the quantity supplied (shortage) or the quantity supplied is greater than the quantity demanded (surplus) in a market.
Quantity Demanded
The total amount of goods or services that consumers are willing and able to purchase at a specific price level.
Quantity Supplied
The volume of a good or service available for sale from suppliers at a certain cost.
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