The probability of NOT making a ______ error is equal to ______.

A) type I; 1 - α
B) type II; 1 - α
C) type I; 1 - β
D) type II; 0

Alpha

In statistics, alpha represents the level of significance, the probability of rejecting the null hypothesis when it is actually true, commonly set at 0.05 or 5%.

Beta

In statistics, it often refers to the probability of making a Type II error, or in finance, a measure of how much a stock's price could move in relation to the market.

Type II Error

A statistical error that occurs when a false null hypothesis is not rejected, implying that a true effect is missed.