An Increase in the Price of Contact Lenses Will Increase

question 259

True/False

An increase in the price of contact lenses will increase the supply of contact lenses.

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Definitions:

P < .05

Indicates that the probability of the observed data (or something more extreme) assuming the null hypothesis is true is less than 5%, often used as a threshold for statistical significance.

Critical Value

A threshold value used in hypothesis testing to determine whether to reject the null hypothesis.

Null Hypothesis

In hypothesis testing, it's the presumption that no significant difference exists as a result of the experiment or intervention.

Significance

The likelihood that a result from data collected and analyzed is not due to chance. It’s often determined through the use of a p-value.