In Performing a Hypothesis Test Where the Null Hypothesis Is $\textbf{ not }$

question 44

Multiple Choice

In performing a hypothesis test where the null hypothesis is that the population mean is 6.9 against the alternative hypothesis that the population mean is $\textbf{ not }$ equal to 6.9, a random sample of 16 items is selected. The sample mean is 7.1 and the sample standard deviation is 2.4. It can be assumed that the population is normally distributed. The test statistic for this problem is ___.

• A) 0.05
• B) 0.20
• C) 0.33
• D) 1.33
• E) 1.43

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Definitions:

Monopolistically Competitive

A market structure characterized by many firms selling products that are similar but not identical, allowing for some degree of market power and differentiated competition.

Long-Run Equilibrium

A state in which all factors of production and costs are variable, allowing firms to make adjustments so that supply equals demand, leading to no economic profit in perfect competition.

Marginal Cost

Additional financial obligation incurred by producing another unit of a product or service.

Product-Variety Externality

Occurs when the introduction of new products benefits consumers by expanding their choices, often leading to positive market effects.