Exhibit 10

question 14

Multiple Choice

Exhibit 10.7.A stats professor at a large university hypothesizes that students who take statistics in the morning typically do better than those who take it in the afternoon.He takes independently random samples,each of size 36,consisting of students who took a morning and an afternoon class,and compares the scores of each group on a common final exam.He finds that the morning group scored an average of 74 with a standard deviation of 8,while the evening group scored an average of 68 with a standard deviation of 10.The population standard deviation of scores is unknown,but assumed to be equal for morning and evening classes.Let and represent the population mean final exam scores of statistics' courses offered in the morning and the afternoon,respectively. Refer to Exhibit 10.7.At the 1% significance level,does the evidence support the professor's claim?

• A)No,since the test statistic is less than the critical value.
• B)Yes,since the test statistic is less than the critical value.
• C)No,since the test statistic is greater than the critical value.
• D)Yes,since the test statistic is greater than the critical value.

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Definitions:

Normal Profit

The profit level that allows a business to remain competitive in the market, covering its opportunity costs.

Oligopoly Market

A market structure characterized by a small number of firms that dominate the market, leading to competitive yet interdependent market conditions.

Monopolistically Competitive Market

An economic scenario where numerous companies offer products that are alike but not exactly the same, leading to competition based on aspects other than price.

Monopolistic Market

An economic scenario where only one seller provides a distinctive product or service, facing substantial obstacles that prevent other competitors from entering the market.