Final answer:
The Type I error occurs when a patient believes the drug has a cure rate lower than 75 percent when it actually has a cure rate of at least 75 percent. The Type II error occurs when a patient believes the drug has a cure rate of at least 75 percent when it actually has a cure rate lower than 75 percent.
Step-by-step explanation:
The Type I error refers to the situation where a patient believes that the drug has a cure rate that is less than 75 percent, when in reality it has a cure rate of at least 75 percent. In this case, the patient would be making a false assumption.
The Type II error, on the other hand, occurs when a patient believes that the experimental drug has a cure rate of at least 75 percent, when in fact its cure rate is less than 75 percent.
This error can lead to a significant consequence as it may influence the patient's decision to use the drug as a treatment option.