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Explain how each of the following events would affect the long-run aggregate supply curve.
a.A lower price level
b.A decrease in the labor force
c.A decrease in the quantity of capital goods
d.Technological change
Type II Error
An error resulting from failing to reject an incorrect null hypothesis.
Sample Size
The number of observations or elements chosen from a population for the purpose of statistical analysis.
Significance Level
A threshold within which the p-value of a hypothesis test must fall for the result to be deemed statistically significant, typically set at 0.05 or 5%.
Test Power
The likelihood that a statistical test will correctly reject a false null hypothesis, identifying an effect when it is present.
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