-The Figure Above Shows the Market for Brooms

question 76

Multiple Choice

-The figure above shows the market for brooms.If the market is efficient,

• A) 0 brooms are produced.
• B) 600 brooms are produced.
• C) more than 1000 brooms are produced.
• D) between 0 and 600 brooms are produced.
• E) between 600 and 1000 brooms are produced.

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Definitions:

Null Hypothesis

A type of hypothesis used in statistics that proposes that no statistical significance exists in a set of given observations.

Research Hypothesis

A specific, testable prediction about the expected outcome of a study.

Representative Sample

A segment of the population that precisely mirrors the characteristics of the whole population.

Population

The entire group of individuals or instances about whom the research is focused.