A Grocery Store Owner Claims That the Mean Amount Spent $\$ 56$

question 136

Multiple Choice

A grocery store owner claims that the mean amount spent per checkout is more than $\$ 56$ A test is made of $H _ { 0 } : \mu = 56$ versus $H _ { 1 } : \mu > 56$ . The null hypothesis is rejected. State the appropriate conclusion.

• A) There is not enough evidence to conclude that the mean checkout price is less than or equal to $56.
• B) The mean checkout amount is less than or equal to $56.
• C) The mean checkout amount is greater than $56.
• D) There is not enough evidence to conclude that the mean checkout price is greater than $56.

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Definitions:

Medium Of Exchange

A tool that assists in the buying, selling, or exchanging of goods among different parties.

Cash

Liquid currency including coins and banknotes that is used to facilitate transactions and settle debts.

Stocks

Shares of ownership in a company, representing a claim on part of the company's assets and earnings.

Fiat Money

Currency that a government has declared to be legal tender, but it is not backed by a physical commodity.