You Complete a Hypothesis Test Using  =

question 55

Multiple Choice

You complete a hypothesis test using  = .05,and based on the evidence from the sample,your decision is to reject the null hypothesis.If the treatment actually does have an effect,which of the following is true?

• A)You have made a Type I error.
• B)You have made a Type II error.
• C)You might have made a Type I error,but the probability is only 5% at most.
• D)You have made the correct decision.

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Definitions:

Effective Collusion

A situation where firms in a market agree to act together instead of competing, often to fix prices or market shares, to maximize their profits.

Marginal Revenue

The additional income gained from selling one more unit of a product or service, crucial in determining the optimal level of output for a company.

Marginal Cost

The extra expense associated with manufacturing an additional unit of a product or service.

Oligopolistic Firm

A company operating in an oligopoly market structure, characterized by a few firms dominating the market, leading to specific behaviors like pricing collusion or competition.