What Type of Error Occurs When a Study Population Yields

question 4

Multiple Choice

What type of error occurs when a study population yields a significant statistical test result even though a significant difference or association does not actually exist in the source population?

• A) Type 1 error
• B) Type 2 error
• C) Type 3 error
• D) Type 4 error

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Definitions:

Economic Profits

Profits earned by a firm or individual in excess of the opportunity costs of all resources used to generate those profits, representing returns beyond the normal profit level.

Pure Competition

A market structure characterized by a large number of small firms, a homogeneous product, perfect information, and easy entry and exit from the market.

Monopoly

A market structure characterized by a single seller offering a unique product or service, with significant barriers to entry for potential competitors.

Price

The financial requisition expected, imposed, or presented for something.