Examlex
When the demand for a good decreases, its equilibrium price ________ and equilibrium quantity ________.
Directional Hypothesis
A hypothesis that specifies the direction of the expected difference or relationship between two variables.
Critical Value
A threshold in hypothesis testing that determines the boundary for rejecting or failing to reject the null hypothesis.
Critical Value
A point on the scale of the test statistic beyond which we reject the null hypothesis; it marks the threshold of statistical significance.
P Value
The probability of obtaining test results at least as extreme as the observed results, assuming that the null hypothesis is correct.
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