Brad Davenport, a consumer reporter for a national cable TV channel, is working on a story evaluating generic food products and comparing them to their brand-name counterparts. According to Brad, consumers claim to like the brand-name products better than the generics, but they can't even tell which is which.
To test his theory, Brad gives each of 200 consumers two potato chips - one generic, the other a brand name - and asks them which one is the brand-name chip. Fifty-five percent of the subjects correctly identify the brand-name chip.
At the 0.025 level, is this significantly greater than the 50% that could be expected simply by chance? Determine and interpret the p-value for the test.