If We Reject the Null Hypothesis, What Are We Concluding

question 60

Multiple Choice

If we reject the null hypothesis, what are we concluding?

• A) that there is not enough statistical evidence to infer that the alternative hypothesis is true
• B) that there is enough statistical evidence to infer that the alternative hypothesis is true
• C) that there is enough statistical evidence to infer that the null hypothesis is true
• D) that the test is statistically insignificant at whatever level of significance the test was conducted

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Definitions:

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, measuring the performance of a firm beyond its opportunity costs.

Economic Profit

Economic profit is the difference between a firm's total revenue and its total costs, including both explicit and implicit costs, representing the excess over the firm's opportunity costs.

Implicit Costs

The firm’s opportunity costs of using resources owned or provided by the owner.

Explicit Costs

Dollar costs incurred by business firms, such as wages, rent, and interest.