For the Following Hypothesis Test

question 94

Multiple Choice

For the following hypothesis test:

• A) Because the computed value of z = 3.012 is greater than 2.05, accept the null hypothesis and conclude the mean is greater than 45. Also because the p-value is less than 0.02
• B) Because the computed value of z = 3.012 is greater than 2.05, reject the null hypothesis and conclude the mean is greater than 45. Also because the p-value is less than 0.02
• C) Because the computed value of z = 2.087 is greater than 2.05, accept the null hypothesis and conclude the mean is greater than 45. Also because the p-value is less than 0.02
• D) Because the computed value of z = 2.087 is greater than 2.05, reject the null hypothesis and conclude the mean is greater than 45. Also because the p-value is less than 0.02

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Definitions:

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.

Inelastic Demands

Describes a situation where the demand for a good or service is relatively unresponsive to changes in price, with a percentage change in quantity demanded that is less than the percentage change in price.

Elastic Demands

This refers to the sensitivity of the quantity demanded of a good to a change in its price, where a small price change leads to a larger change in quantity demanded.

Elastic Demands

A situation where the demand for a good or service significantly changes in response to changes in its price.