A critical probability associated with a statistical hypothesis test that indicates how likely it is that an inference supporting a difference between an observed value and some statistical expectation is true is called:
a. a significance level.
b. an inference level.
c. coefficient alpha.
d. statistical power.
Question 2
Chanel cosmetics came out with a patented new face lotion that claims to make skin look ten years younger in just six weeks. The best marketing strategy for this new luxury facial cream is:
a. to increase advertising to build image and increase sales.
b. grow sales volume by decreasing the product price.
c. to both increase advertising and decrease price.
d. to maintain the status quo.
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