16.

The average gasoline price of Sinclair has been $4.35 per gallon. Recently, the company has undertaken several efficiency measures in order to reduce prices. Management is interested in determining whether their efficiency measures have actually reduced prices. A random sample of 29 of their gas stations is selected and the average price is determined to be $4.20 per gallon, with a sample standard deviation of $0.62. The test will be conducted at the 0.10 significance level.

What is the correct conclusion?

A. We accept the null hypothesis, and conclude that there is a statistically significant decrease in the average price of gasoline.

B. We fail to reject the null hypothesis, and conclude that there is a statistically significant decrease in the average price of gasoline.

C. We reject the null hypothesis, and conclude that there is a statistically significant decrease in the average price of gasoline.

D. We cannot accept or reject the null hypothesis, we need to increase the sample size of the study

E. We reject the null hypothesis, and conclude that there is not a statistically significant decrease in the average price of gasoline.

F. We accept the null hypothesis, and conclude that there is not a statistically significant decrease in the average price of gasoline.

G. We cannot accept or reject the null hypothesis, we need to know the standard deviation in order to solve the problem

H. We fail to reject the null hypothesis, and conclude that there is not a statistically significant decrease in the average price of gasoline.