What Does a P Value of .043 Indicate

question 8

Multiple Choice

What does a p value of .043 indicate?

• A) The finding is significant, and there is 4.3% chance of having made a type II error.
• B) The finding is not significant, and there is a 4.3% chance of having made a type I error.
• C) The finding is not significant, and there is a 4.3% chance of having made a type II error.
• D) The finding is significant, and there is a 4.3% chance of having made a type I error.

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Definitions:

Market Demand

The total quantity of a good or service that all consumers in a market are willing and able to purchase at various prices.

Economic Losses

Financial losses suffered by an individual or organization, often as a result of unfavorable business conditions or activities.

Price-Taker Market

A market condition in which individual buyers or sellers cannot influence the market price through their own actions.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, reflecting the true profitability of a firm's operations.