Question: 1. Does 47th Street Photo involve a type I or type II error? 2. Which is worsethe type I errors of the U.S. Bankruptcy Code

1. Does 47th Street Photo involve a type I or type II error?
2. Which is worse—the type I errors of the U.S. Bankruptcy Code or the type II errors common in Europe (in which companies that might be able to reorganize and survive are instead shut down)?

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