<prompt> True regarding significance of testing:Type 1 error is to reject alternate hypothesis when it should be acceptedType 2 error is to accept alternate hypothesis when it should be rejectedProbability associated with type 1 error is significantThe significant level is always set to 5  <response>: Refer: Oxford Handbook of Medical Statistics, Pg.248Errors P valueNull hypothesis H0 an assumption about the status of a phenomenonStatistical errors Null hypothesis 