Which of the following is the commonly used significance level for α,in most business applications?
A)0.5
B)0.25
C)0.05
D)0.0005

Name: Which of the following is the commonly used significance level for α,in most business applications? A)0.5 B)0.25 C)0.05 D)0.0005
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Question

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Typically, a significance level of 0.05 (or 5%) is used in most business applications as it strikes a balance between being too conservative (rejecting too few null hypotheses) and too liberally (rejecting too many null hypotheses).

Which of the Following Is the Commonly Used Significance Level