Final answer:
The Upper and Lower Bounds Theorem states that the true population parameter is likely to fall within a range of values known as the confidence interval. The lower bound is the lowest possible value, while the upper bound is the highest possible value.
Step-by-step explanation:
The Upper and Lower Bounds Theorem states that for a given confidence interval, there is a range of values within which the true population parameter is likely to fall. The lower bound represents the lowest possible value of the parameter, while the upper bound represents the highest possible value. The interval between the upper and lower bounds provides a sense of the precision of the estimate.