Examlex
The income effect due to a price decrease will result in an increase in the quantity demanded for
Alternative Hypothesis
The hypothesis that there is a significant difference or effect, contrasting with the null hypothesis and indicating the presence of an observed effect.
Type II Error
A statistical mistake where a false null hypothesis is not rejected, meaning the test fails to observe a difference when in truth there is one.
Population Mean
The average value of a characteristic in a population, calculated by summing all the values and dividing by the number of values.
Significance Level
The probability of rejecting the null hypothesis when it is actually true; a measure of the threshold for the likelihood of a Type I error.
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