Examlex
If the absolute value of the price elasticity of demand for aspirin equals 0.8 then
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.
Null Hypothesis
A default statement that there is no significant effect or difference, subject to testing against an alternative hypothesis.
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