Suppose a consumer group suspects that the proportion of households that have three cell phones is 30%. A cell phone company has reason to believe that the proportion is not 30%. Before they start a big advertising campaign, they conduct a hypothesis test. Their marketing people survey 150 households with the result that 43 of the households have three cell phones. They find that the p-value for this test is 0.7216. What does the p-value of 0.7216 mean?. O the probability that the observed value in their sample happened purely by chance, assuming the null hypothesis is true, is 0.7216 or 72.16%. So, this is a rare event and hence we do not reject the null hypothesis. the probability that the observed value in their sample happened purely by chance, assuming the null hypothesis is true, is 0.7216 or 72. 16%. So, this is a rare event and hence we reject the null hypothesis. O the probability that the observed value in their sample happened purely by chance, assuming the . null hypothesis is true, is 0.7216 or 72.16%. So, this is not a rare event and hence we do not reject the null hypothesis. O the probability that the observed value in their sample happened purely by chance, assuming the null hypothesis is true, is 0.7216 or 72.16%. So, this is not a rare event and hence we reject the null hypothesis