Explain the concept of a p-value. How does it relate to the decision to reject or fail to reject the null hypothesis?
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A p-value measures the probability of obtaining the observed data (or more extreme results) if the null hypothesis is true.
Low p-value (≤ α): Indicates strong evidence against the null hypothesis, leading to rejection.
High p-value (> α): Suggests insufficient evidence to reject the null hypothesis.
It helps quantify the strength of the evidence in favor of the alternative hypothesis