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What is the correct order of geological time frames from oldest to most recent?
Significance Level
A threshold set by researchers before conducting an experiment to determine at what probability level results will be considered statistically significant, commonly set at 0.05 or 5%.
Type I Error
The incorrect rejection of a true null hypothesis, also known as a "false positive" finding.
Type II Error
The error made by failing to reject a false null hypothesis, often denoted as a false negative in hypothesis testing.
Average Cost
The total cost divided by the number of goods or services produced. It represents the per unit cost of production or operation.
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