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One example of a microeconomic question is,"How will prices in the streaming video industry change if a new firm enters the market?"
Significance Level
The threshold chosen by the researcher for rejecting the null hypothesis; commonly set at 0.05 or 5%.
Null Hypothesis
A default hypothesis that there is no difference or effect, used as a starting point for statistical testing.
Experimental Error
The variability in data that cannot be attributed to the variables being studied, often resulting from unknown or uncontrollable factors.
Null Hypothesis
A hypothesis that suggests there is no statistical significance in a set of given observations, indicating no effect or relationship.
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