The difference between setting alpha equal to 0.05 and alpha equal to 0.01 in hypothesis testing is:

With alpha equal to 0.05, one is more willing to risk a type II error
With alpha equal to 0.05, one is less willing to risk either type I or type II error
Alpha equal to 0.05 is a more conservative test of the null hypothesis
With alpha equal to 0.05, one is more willing to risk a type I error

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