Examlex
A wage negotiated by an industrial union that is higher than the wage determined by demand and supply causes the quantity of labor employed to:
Type Errors
Errors made in hypothesis testing where Type I error is rejecting a true null hypothesis, and Type II error is failing to reject a false null hypothesis.
Type I Error
The statistical error that occurs when the null hypothesis is incorrectly rejected when it is actually true.
Type II Error
The error of failing to reject a false null hypothesis, also known as a false negative error.
Test Power
The probability that a statistical test will reject a false null hypothesis, a measure of a test’s effectiveness.
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