Examlex
Opportunity cost cannot be measured in money terms, only in conceptual terms.
Null Hypothesis
A hypothesis that assumes no statistical significance exists in a set of given observations, typically asserting that no variation or effect is present.
Type I Error
The error that occurs when a true null hypothesis is incorrectly rejected.
Test Statistic
A value calculated from sample data used to make a decision whether to reject the null hypothesis in hypothesis testing.
Test Statistic
A value calculated from sample data during hypothesis testing, used to determine the probability of observing the sample data under the null hypothesis.
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