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A shortage of blood for transfusions for injured animals has resulted in the introduction of a synthesized product called Oxyglobin, which can be used effectively as a blood replacement. The manufacturer of the product has put a high price on the product in order to recoup its research and development costs. Which type of policy is the manufacturer of Oxyglobin using?
Critical Values
These are threshold points on the scale of the test statistic that delineate the region where the null hypothesis is rejected, essential in determining the significance of the test outcome.
Alpha
The significance level, a threshold used in hypothesis testing indicating the probability of rejecting the null hypothesis when it is true.
Degrees of Freedom
The number of independent values or quantities which can be assigned to a statistical distribution or a statistical calculation.
Sample Size
The number of observations or data points that make up a sample.
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