Examlex
Which of the following is a determinant of both price elasticity of supply and price elasticity of demand?
Type II Error
The error that occurs when a false null hypothesis is not rejected, implying a miss in detecting an actual effect or difference.
Highly Significant
A statistical term indicating that the results observed are very unlikely to have occurred by chance alone, often used for results with very low p-values.
Statistical Significance
Indicates that the probability of the observed results occurring under the null hypothesis is low, suggesting the results are not due to random chance.
Probability
A measure of the chance or likelihood that a certain event will occur, often quantified as a fraction or percentage.
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