Examlex
Which of the following is likely to cause a decrease in both the wage rate and the level of employment in an industry?
Statistical Significance
Indicates that the probability of the observed results occurring under the null hypothesis is low, suggesting the results are not due to random chance.
Probability
A measure of the chance or likelihood that a certain event will occur, often quantified as a fraction or percentage.
Variance
A statistical measure of the dispersion representing how much the values in a data set differ from the mean of the data set.
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.
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