Examlex
If the price elasticity of supply is greater than 1:
Highly Significant
A statistical term used to describe an outcome when the observed p-value is much lower than the specified level of significance (α), strongly indicating a true effect.
Statistical Significance
A measure of the likelihood that a difference or relationship observed in a study could have occurred by random chance, often denoted by a p-value.
Effect Size
A quantitative measure of the magnitude of the experimental effect from a study, indicating the size of the difference between groups.
T-statistic
A statistic calculated from a sample of data used to conduct a t-test, which assesses whether there is a significant difference between the means of two datasets.
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