A manager in a large office building believes that pens have a defect rate that is different than the defect rate stated by the manufacturer. The managers null hypothesis is that the supply of pens has a defect rate of p = 0.05 (the manufacturer's stated defect rate). Suppose we do a hypothesis test with a significance level of 0.01. Symbolically, the null and alternative hypothesis are as follows: H0: p = 0.05 and Ha: p > 0.05 Choose the statement that best describes the significance level in the context of the hypothesis test. The significance level of 0.01 is the probability of concluding that the defect rate is equal to 0.09 when in fact it is greater than 0.05. The significance level of 0.01 is the probability of concluding that the defect rate is different than 0.09 when in fact the defect rate is equal to 0.05. The significance level of 0.01 is the z-statistic that we will use to compare the observed outcome to the null hypothesis. The significance level of 0.01 is the defect rate we believe is the true defect rate