Examlex
A shortage means that the quantity demanded is greater than the quantity supplied at the prevailing price.
Type II Error
Occurs when a statistical test fails to reject a false null hypothesis; also known as a false negative.
Level Of Significance
A threshold in hypothesis testing that determines whether or not the null hypothesis can be rejected.
Null Hypothesis
A default premise stating no statistical significance or effect, used as a starting point for hypothesis testing to be either rejected or not rejected.
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