State Conclusions to Hypothesis Tests
-A Candidate for State Representative $p \geq 0.5$

question 103

Multiple Choice

State Conclusions to Hypothesis Tests
-A candidate for state representative of a certain state claims to be favored by at least half of the voters. If a hypothesis test is performed, how should you interpret a decision that fails to reject the null hypothesis?

• A) There is not sufficient evidence to reject the claim \(p \geq 0.5\).
• B) There is sufficient evidence to reject the claim \(p \geq 0.5\).
• C) There is sufficient evidence to support the claim \(p \geq 0.5\).
• D) There is not sufficient evidence to support the claim \(p \geq 0.5\).

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Definitions:

Elastic Demand

A demand situation where the quantity demanded of a good or service changes significantly when its price changes.

Total Revenue

The total amount of money a firm receives from sales of its goods or services, calculated as the price per unit times the number of units sold.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price over a specified period of time.

Market Period

A very short duration in economics during which the supply of a good is fixed and cannot be adjusted in response to changes in demand.