Type I and Type II Errors In the situation below, describe what it means in that context to make a Type I and Type II error. Testing to see if a well-known company is lying in its advertising. If there is evidence that the company is lying, the Federal Trade Commission will file a lawsuit against them Your answer is incorrect. Making a Type I error means: Let the company off the hook, when they are actually lying in their advertising. Let the company off the hook. All well known companies are not lying on their advertising. Sue the company when they are not lying. Sue the company for lying in its advertising. All well known companies are lying on their advertising.