Exhibit 13-3 To Test Whether or Not There Is a Difference Between

question 85

Multiple Choice

Exhibit 13-3
To test whether or not there is a difference between treatments A, B, and C, a sample of 12 observations has been randomly assigned to the 3 treatments. You are given the results below.
-Refer to Exhibit 13-3. The null hypothesis

• A)should be rejected
• B)should not be rejected
• C)should be revised
• D)None of these alternatives is correct.

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Definitions:

Elastic

Describes a situation where the quantity demanded or supplied of a good is sensitive to changes in price.

Short Run

A period in economics during which the quantity of at least one input (such as plant size) is fixed and cannot be changed.

Long Run

A period in economics sufficient for all markets to adjust to equilibrium, including the adjustment of all production factors and prices of inputs.

Cross-Price Elasticity

A measure of how the demand for one good changes in response to a change in the price of another good.