Final answer:
Power is defined as the probability of correctly rejecting a false null hypothesis. Type 1 error refers to the probability of rejecting the null hypothesis when it is actually true.
Step-by-step explanation:
The probability of correctly rejecting a false null hypothesis is called Power, which is denoted as 1 - ß. Power quantifies the likelihood that a test will yield the correct result of a true alternative hypothesis being accepted. A high power is desirable as it indicates a higher chance of correctly identifying a false null hypothesis. In contrast, a Type 1 error refers to the probability of rejecting the null hypothesis when it is actually true. It is denoted by the Greek letter α.