Use the Following to Answer Questions

question 25

Multiple Choice

Use the following to answer questions :
Figure 7A-2
-In Figure 7A-2 the shift in the total cost curve from AB to AC was caused by:

• A)an increase in land prices to $4.
• B)a decrease in land prices to $1.
• C)an increase in wages to $2.
• D)a decrease in wages to $2.
• E)none of the above.

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Definitions:

P > .05

A statistical expression indicating that the probability of the observed data, or something more extreme, if the null hypothesis is true, is greater than 5%.

Null Hypothesis

The default assumption in statistical hypothesis testing that there is no significant effect or difference, intended to be challenged by the alternative hypothesis.

Degrees of Freedom

The number of independent values or quantities that can be assigned to a statistical distribution, which affects the calculation of statistical estimates.

T-test for Dependent Means

A statistical test used to compare the means of two related groups.