The realty company in exercise 11B 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 is a 3.4% chance that a random sample would produce a sample proportion as high as the one they are obtained.
c) There is 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.