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i. If the critical values of the test statistic z are ±1.96, they are the dividing points between the areas of rejection and non-rejection.
Ii) The probability of a Type I error is also referred to as alpha.
Iii) A Type I error is the probability of rejecting a true null hypothesis.
Equilibrium Price
is the price at which the quantity demanded of a good equals the quantity supplied, leading to market balance.
Eurotunnel
A major infrastructure project, also known as the Channel Tunnel, that connects the UK and France beneath the English Channel.
Commercial Traffic
The movement of goods and services or the flow of commercial transportation vehicles within a specified area or route.
Budget Airlines
Carriers that offer low flight fares by minimizing operating costs and providing fewer amenities compared to traditional airlines.
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