Final answer:
The researchers committed a Type I error by incorrectly rejecting the null hypothesis. The correct decision should have been not to reject the null hypothesis.
Step-by-step explanation:
The researchers have committed a Type I error by rejecting the null hypothesis when it is actually true. This means they have wrongly concluded that there is a significant difference in intelligence levels between incoming freshmen and graduating seniors. The alpha level, which represents the probability of making a Type I error, was set to 0.01.
However, at the 1 percent significance level, there is not enough evidence to support the claim that freshmen students study less than 2.5 hours per day on average. So, the researchers should have failed to reject the null hypothesis.
Therefore, the correct decision should have been not to reject the null hypothesis, and the student academic group's claim appears to be incorrect.