What Does Fisher's Exact Probability Show

question 14

Multiple Choice

What does Fisher's exact probability show?

• A)It is the amount of variation that one variable can explain in the other variable.
• B)It tests whether the assumption of independence has been met.
• C)It tests whether the assumption of expected frequencies has been met.
• D)It is the probability of obtaining a chi-square value at least as big as the one observed if the null hypothesis were true.

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Definitions:

Resource Prices

The costs associated with the inputs used in production, such as labor, capital, and raw materials.

Production Technique

The method or process used to produce goods or services, often involving particular technologies or strategies.

Economically Efficient

A state where resources are allocated in a way that maximizes the net benefit to society.

Market System

A financial system where investment, production, and distribution decisions are dictated by price signals resulting from the interplay of supply and demand forces.