Examlex
List and explain the different advantages of competition.
Significance Level
A threshold below which a p-value is considered statistically significant, indicating that observed results are unlikely to be due to chance.
Critical Value
The point or points on the scale of a test statistic beyond which we reject the null hypothesis; these values define the threshold of significance.
Test Statistic
A value, derived from sample data, used in a hypothesis test to determine whether to reject the null hypothesis.
P-value
The probability of observing data at least as extreme as the observed data, given that the null hypothesis is true.
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