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A Type II error occurs when the null hypothesis is not rejected even though it is false. This results in a failure to detect an effect that is actually present.
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Type I Error: An incorrect rejection of a true null hypothesis, also called a 'false positive' or 'alpha error'.
$\alpha$ (Alpha): The significance level in hypothesis testing, representing the probability of making a Type I error.
$\beta$ (Beta): The probability of making a Type II error, failing to reject a false null hypothesis.