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Please explain the p-value, type I Error, and type II Error.

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Why does the significance level differ among industries? Is the null hypothesis more likely to be rejected at Alpha = 0.01 than Alpha = 0.10? As the significance level increases to Alpha = 0.10 from Alpha = 0.01, which type error is more likely to occur? What may be done to reduce the likelihood of incurring this error?

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