Use the Following to Answer the Question(s) Below

question 42

Multiple Choice

Use the following to answer the question(s) below.
A newspaper poll asked respondents if they trusted "eco friendly" labels on cleaning products. Out of 1000 adults surveyed, 498 responded "yes." We would like to test if the proportion of respondents that trust these labels is at least 50%.
-At the 0.01 level of significance, the correct conclusion is

• A) do not reject the alternative hypothesis.
• B) reject the null hypothesis.
• C) there is no evidence that at least 50% of respondents trust "eco-friendly" labels.
• D) fail to reject the null hypothesis. There is no evidence that the proportion of respondents that trust "eco-friendly" labels is less than 50%.
• E) reject the null hypothesis. There is strong evidence that the proportion of respondents that trust "eco-friendly" labels is less than 50%.

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Definitions:

Pricing Cycle

The recurring pattern of changes in price levels for products or services, often influenced by demand, supply, and other market conditions.

Product Life Cycle

The progression of a product through stages from introduction to growth, maturity, and decline.

Growth Stage

The growth stage refers to a phase in a company's lifecycle characterized by rapid revenue and customer base expansion, often seen in the business development cycle.

Introductory Stage

The introductory stage refers to the initial phase in a product's life cycle, during which the product is launched into the market and awareness is built among consumers.