Within Probability Theory, What Does Probability (Or P-) Values Tell

question 4

Multiple Choice

Within probability theory, what does probability (or p-) values tell us?

• A) The probability of being wring when we confirm a null hypothesis
• B) The probability of being correct when we reject a null hypothesis
• C) The probability of being mistaken when we reject a null hypothesis
• D) The probability of being right when we confirm a null hypothesis

---

Definitions:

Equilibrium Quantity

The quantity of a good or service at which supply equals demand, and the market is in balance, without any excess supply or shortage.

Perfectly Elastic

A situation in economics where the quantity demanded or supplied changes infinitely in response to any change in price.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers at various prices.

Higher Price

An increase in the cost of a good or service, often reflecting factors like demand and supply changes, production costs, or market conditions.