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House sales
The realty company in Exercise 21b looks at a recent sample of houses that have sold. On testing the null hypothesis that 50% of the houses take more than three months to sell against the hypothesis that more than 50% of the houses take more than three months to sell, they find a P-value of 0.034. Which of these conclusions is appropriate?
a) There's a 3.4% chance that 50% of the houses take more than three months to sell.
b) If 50% of the houses take more than three months to sell, there's a 3.4% chance that a random sample would produce a sample proportion as high as the one they obtained.
c) There's a 3.4% chance that the null hypothesis is correct.
d) There's a 96.6% chance that 50% of the houses take more than three months to sell.
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