F Tests Are One-Tail Tests

question 18

True/False

F tests are one-tail tests.

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Definitions:

Fixed Input

An input whose quantity does not change with the level of output in the short run.

Marginal Product

The additional output that is produced by using one more unit of a variable input, holding all other inputs constant.

Variable Input

An input in the production process that varies with the level of output, such as labor or raw materials.

Marginal Product

The increase in output resulting from a one-unit increase in the use of a particular input, while holding other inputs constant.