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Use the following to answer questions:
Figure: Game-Day Shirts
-(Figure: Game-Day Shirts) Rick is one of 10 vendors who sell game-day T-shirts at football games in a perfectly competitive market. His costs are identical to the costs of the other 9 vendors. If the price of a shirt is $14, the short-run industry supply will be _____ shirts.
Total
The sum of all values in a set of numbers.
Null Hypothesis
The default hypothesis that there is no significant difference or effect, serving as a starting point for statistical hypothesis testing.
P-value
The probability of observing test results at least as extreme as the results actually observed, under the assumption that the null hypothesis is correct.
Level of Significance
A measure within hypothesis testing that determines the threshold at which the null hypothesis is rejected, often denoted by alpha (α).
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