Final answer:
A Type I error occurs when a true null hypothesis is rejected, and a Type II error occurs when a false null hypothesis is not rejected. Committing a Type I error leads to falsely concluding there is a significant effect or difference, while committing a Type II error leads to falsely concluding there is no significant effect or difference. The severity and cost of each error depend on the situation.
Step-by-step explanation:
In general, a Type I error occurs when a true null hypothesis is rejected, while a Type II error occurs when a false null hypothesis is not rejected.
A consequence of committing a Type I error is that we falsely reject the null hypothesis, which means we conclude there is a significant effect or difference when there isn't one.
A consequence of committing a Type II error is that we falsely fail to reject the null hypothesis, which means we conclude there is no significant effect or difference when there actually is one.
Both types of errors can have consequences, but the severity and cost of each error depend on the specific situation.