You Are Shopping at the Local Mall with an $80

question 1

Multiple Choice

You are shopping at the local mall with an $80 gift certificate.Only three items catch your attention.The items include a Justin Bieber sheet set,a remote control helicopter,and an "Amazing Ab Belt." You would be willing to give up $60 for the sheets,$70 for the belt,and $80 for the helicopter.Knowing this,you decide to purchase the helicopter.The opportunity cost of the helicopter was:

• A) $130, the combined value of the alternatives forgone.
• B) $80, the amount of the gift certificate spent.
• C) $70, the value of the ab belt.
• D) $60, the value of the sheets.

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Definitions:

Research Hypothesis

A proposed explanation or prediction about a relationship that can be tested through study and experimentation.

Null Hypothesis

A statistical hypothesis that assumes no significant difference exists in a particular condition or feature between two or more sets of data.

Supported

The state or condition of being backed up with evidence or data, making an assertion more robust or credible.

Reject

In statistics, to conclude that there is enough evidence to discard the null hypothesis in favor of the alternative hypothesis.