If Many People in a Community Get flU Shots, the Whole

question 16

Multiple Choice

If many people in a community get flu shots, the whole community benefits, including those who did not get flu shots. Therefore, not enough people may decide to get the shots. This is one illustration of

• A) the market allocating resources efficiently.
• B) monopoly power due to lack of competition.
• C) supply-side market failure.
• D) demand-side market failure.

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Definitions:

Null Hypothesis

A hypothesis in statistical testing that there is no effect or no difference, and any observed deviation is due to sampling or experimental error.

Significance Level

A threshold below which a p-value is considered statistically significant, indicating that observed results are unlikely to be due to chance.

Critical Value

The point or points on the scale of a test statistic beyond which we reject the null hypothesis; these values define the threshold of significance.

Test Statistic

A value, derived from sample data, used in a hypothesis test to determine whether to reject the null hypothesis.