Question

Select the most appropriate response.
A p-value=0.01 indicates that:

Answer 1

A p-value of 0.01 suggests that there is a 1% chance of observing the data if the null hypothesis were true, indicating statistical significance and leading to the rejection of the null hypothesis if the significance level is at least 1%.

Step-by-step explanation:

A p-value of 0.01 indicates that there is a 1% chance of observing the data you have if the null hypothesis were true. In other words, it suggests that the observed results are statistically significant if you are using a significance level greater than or equal to 1%. For instance, if you are using an α (alpha) level of 0.05 (5%), a p-value of 0.01 is less than 0.05, and thus you would reject the null hypothesis. This means that there is sufficient evidence to suggest that the effect or difference observed in the data is not due to random chance.