You Are Doing a Two-Tailed Paired-Samples T Test and Your

question 23

Multiple Choice

You are doing a two-tailed paired-samples t test and your results are statistically significant. The phrase "statistical significance" means the same as which of the following?

• A) There is a large difference between the means in the population.
• B) There is an important difference between the means in the population.
• C) You are willing to reject the claim that there is no difference between the means in the population.
• D) You are NOT willing to reject the claim that there is no difference between the means in the population.

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Definitions:

Consumer Surplus

The difference in consumer's payment expectation versus their actual expenditure on a good or service.

Demand Curve

A graph representing the relationship between the price of a good and the amount consumers are willing and able to purchase at various prices.

Producer Surplus

The difference between the actual price at which a producer sells a product and the minimum price they would be willing to accept, indicating producer gain.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually do pay.