Table 4-2 -Refer to Table 4-2. in the Table Shown, Suppose the Table

question 33

Multiple Choice

Table 4-2

-Refer to Table 4-2. In the table shown, suppose the current price was $40. This would mean:

• A) a surplus of 14 units would exist and price would tend to fall
• B) a shortage of 14 units would exist and price would tend to fall
• C) a surplus of 14 units would exist and price would tend to rise
• D) a shortage of 14 units would exist and price would tend to rise

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Definitions:

Probability of the Statistic

The likelihood of observing a test statistic as extreme as, or more extreme than, the value observed under the assumption that the null hypothesis is true.

5%

A common significance level in statistical analysis, indicating that there is a 5% chance the observed results could have occurred by random chance, used to determine statistical significance.

Sample Size

Sample size refers to the number of observations or subjects used in a statistical study.

Research Hypothesis

Posits an expected causation, correlation, or difference between studied variables, formulated for scientific testing and verification.