If a hypothesis test has a Type I error probability (α) of 0.01, it means that:
- if the null hypothesis is false, you reject it 1% of the time.
- if the null hypothesis is false, you don't reject it 99% of the time.
- if the null hypothesis is true, you don't reject it 99% of the time.
- if the null hypothesis is true, you reject it 1% of the time.