Alpha level is a probability value that is used to define the concept of "very unlikely" in a hypothesis. This value determines he boundaries for the critical region, which is composed of the extreme sample values that are very unlikely to be obtained if the null hypothesis is true. Type I error is <span>when a researcher rejects a true null hypothesis.</span>
The relationship between the alpha level, the size of the critical region, and the risk of a type i error is the following: when the alpha level increases, the critical region increases and type I error increases.
Answer:
The correct answer is B. The law of demand states that quantity demanded will vary inversely with the price of the good.
Explanation:
The law of demand states that the value of demand decreases as the price of the product increases, that is, between the value of demand and the price there is an inverse relationship, therefore, an increase in price causes a decrease in demand, and a decrease in price causes an increase in demand.
Therefore, manufacturers who have decided to produce more should know that an increased number of goods can only be sold at a lower price.
The quantity of goods purchased depends on the price as well as on the average income of the buyers, the size of the market, the price and usefulness of other goods, including substitutes, subjective tastes and preferences of buyers.
The new ordinance will make a difference when the new wages will be binding.
<h3>How to depict the information?</h3>
It should be noted that the supply curve shows the relationship between the price and the quantity supplied.
Based on the information given, when the equilibrium wage is above the minimum wage, the ordinance won't make a difference.
On the other hand, when the equilibrium wage is below the minimum wage, it'll make a difference for the worker.
Therefore, joining the lowest of the two points will give the equilibrium.
Learn more about supply curve on:
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