Examlex
In many business situations one firm will act first, and then other firms will respond.What do economists use to help analyse these types of situations?
Null Hypothesis
The null hypothesis is a statement suggesting that no statistical significance exists in a set of given observations, representing a default position that there is no association between two measured phenomena.
Type II Error
The error made when a false null hypothesis is not rejected, missing the detection of a real effect.
Type I Error
The mistake of rejecting the null hypothesis when it is actually true.
Null Hypothesis
The default hypothesis that there is no effect or no difference, and any observed effect is due to sampling variability.
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