Yes, there is evidence that the level of significance is taken at 0.05 or 5% when the p-value is low.
Level of significance: The fixed probability of incorrectly eliminating the null hypothesis when it is actually true is what is meant by the term "level of significance." The probability of type I error is defined as the level of significance, which is set by the researcher using the results of the error. The statistical significance is measured by the level of significance. It specifies whether or not the null hypothesis is thought to be true. It is anticipated to determine whether the outcome is statistically significant enough to reject or prove the null hypothesis wrong.
The significance level is set at 0.05 or 5%. Low p-values indicate that the observed values differ significantly from the population value that was initially hypothesized. If the p-value is as small as possible, it is said to be more significant. Additionally, if the p-value is very low, the outcome would be highly significant. However, since obtaining a p-value below 0.05 is quite uncommon, p-values less than 0.05 are typically considered significant.
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