The Average Manufacturing Work Week in Metropolitan Chattanooga Was 40 $\mu$

question 117

Multiple Choice

The average manufacturing work week in metropolitan Chattanooga was 40.1 hours last year.It is believed that the recession has led to a reduction in the average work week.To test the validity of this belief,the hypotheses are

• A)H₀: \(\mu\) < 40.1 H_a: \(\mu\) \(\ge\) 40.1
• B)H₀:\(\mu\) \(\ge\) 40.1 H_a: \(\mu\) < 40.1
• C)H₀: \(\mu\) > 40.1 H_a: \(\mu\) \(\le\) 40.1
• D)H₀: \(\mu\) = 40.1 H_a:\(\mu\) \(\neq\) 40.1

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Definitions:

Average Total Cost

The total cost of production divided by the quantity of output produced; it includes both fixed and variable costs.

Long-Run Equilibrium

Long-run equilibrium occurs when an economy's resources are fully employed and the output and input markets are in balance, with no external forces causing disruption.

Market Price

The current price at which a good or service can be bought or sold in a marketplace.

Social Learning Theory

A theory that suggests people can learn new behaviors by observing others and the outcomes of those behaviors.