In a Hypothesis Test for the Population Variance,the Hypotheses Are

question 57

Multiple Choice

In a hypothesis test for the population variance,the hypotheses are H₀: σ² = 30 vs.H₁: σ² < 30.If the sample size is 20 and the test is being carried out at the 5% level of significance,the null hypothesis is rejected if:

• A)χ² < 30.144.
• B)χ² > 10.851.
• C)χ² < 10.117.
• D)χ² > 31.410.

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Definitions:

Purely Competitive

A market structure characterized by many sellers offering identical products, leading to a situation where no single seller can influence price.

Output

The amount of product or service produced by a company, industry, or economy within a specific period.

Average Variable Cost

The sum of all variable production costs divided by the number of units produced.

Profit-Maximizing

The strategy or process by which a company determines the price and output level that generates the most profit.