In a Left-Tailed Test Comparing Two Means with Variances Unknown

question 88

Multiple Choice

In a left-tailed test comparing two means with variances unknown but assumed to be equal, the sample sizes were n₁ = 8 and n₂ = 12. At α = .05, the critical value would be:

• A)-1.960
• B)-2.101
• C)-1.734
• D)-1.645

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Definitions:

Natural Monopoly

A market condition where a single firm can supply the entire market's demand for a good or service more efficiently than multiple competing firms due to high fixed or startup costs associated with the industry.

Economies of Scale

The cost advantage achieved by an increase in production, leading to a reduction in the per unit cost.

Capital Facilities

Assets such as buildings, utilities, and major machinery which are essential for the production process in an organization or for providing services.

Laissez-faire Perspective

An economic philosophy advocating for minimal government intervention in the market, allowing individuals to act according to their own self-interests.