It is when you know that your hypothesis is wrong.
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The significance test is the process used, by researchers, to determine whether the null hypothesis is rejected, in favor of the alternative research hypothesis, or not.
Yes.
To reject null hypothesis, because there is a very low probability (below the significance level) that the observed values would have been observed if the hypothesis were true.
It means that, if the null hypothesis is true, there is still a 1% chance that the outcome is so extreme that the null hypothesis is rejected.