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Suppose the equilibrium price of good Y is $5 and the equilibrium quantity is 150 units.Supply in this market is upward sloping.If the price of good Y is $12:
Null Hypothesis
In statistical testing, it's the presumption that there is no effect or difference among groups or variables being studied.
Probability
A numerical value ranging from 0 to 1, representing the chance of an event's occurrence.
Statistic
A quantity calculated from a set of data, used to summarize or describe characteristics of the data.
High Probability
A term indicating that an event is very likely to occur, often used in statistical analysis to describe outcomes with a large likelihood based on a probability measure.
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