If You Wanted to Conduct a Paired-Samples T-Test, but Your

question 4

Multiple Choice

If you wanted to conduct a paired-samples t-test, but your outcome data were ordinal, a ______ might be more appropriate.

• A) Kruskal-Wallis test
• B) Wilcoxon signed-rank test
• C) Spearman's rho
• D) McNemar's test

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Definitions:

MC

Stands for Marginal Cost, which is the cost of producing one additional unit of a good or service.

ATC

Average Total Cost, which is the total cost per unit of output incurred when producing goods or services. It includes both fixed and variable costs.

MR

An abbreviation for Marginal Revenue, which is the additional income from selling one more unit of a good or service.

Long-Run Equilibrium

A situation in a market where supply equals demand, and all factors of production - including labor and capital - are fully utilized, leading to stable prices.