What Does the Notation P

question 77

Multiple Choice

What does the notation p < .05 next to a correlation mean?

• A) The probability that a correlation would occur purely by chance is less than 95 out of 100
• B) The probability that a correlation would occur purely by chance is less than 5 out of 100
• C) The probability that a positive correlation will be found purely by chance
• D) The probability that a negative correlation will be found purely by chance

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Definitions:

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choice.

Employment Opportunities

Available job positions or career prospects within the job market.

Opportunity Cost

The value of the next best alternative foregone as a result of making a decision; the cost of missing out on the second best choice while selecting among several options.

Supply Of Labor

The sum of hours employees are prepared and capable of working for a specified rate of pay during a particular time frame.