Final answer:
The statement is true; an observed effect in an experiment is considered statistically significant if it is so large that it is unlikely to happen by chance, often indicated by a P-value of less than 0.05.
Step-by-step explanation:
True. If an observed effect in an experiment is so large that it would rarely occur by chance, it is referred to as statistically significant. Statistical significance is a crucial concept in experiment design and hypothesis testing. It indicates that the difference in responses between the experimental group and control group is unlikely to be caused by random variation alone. In practice, an effect is typically considered statistically significant if the probability of the effect occurring by chance is less than 5%, which corresponds to a P-value of less than 0.05.