In the following graph, the product market is _____, while the labor market is _____.
Definitions:
T-statistic
A ratio used in hypothesis testing that compares the observed difference between sample mean and the population mean relative to the sample variability.
Sample Mean
The average of all the data points in a sample.
Z-statistic
The Z-statistic is a type of standard score that indicates how many standard deviations an element is from the mean, used in hypothesis testing for normal distributions.
Standard Error
A measure that describes the distribution of sample means around the population mean in a sampling distribution.
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