Step 1: Understanding the Concept:
In hypothesis testing, we make decisions about a null hypothesis $H_0$ based on sample data, which can lead to two types of errors due to sampling fluctuations.
Step 2: Detailed Explanation:
Let us define the types of decisions and associated errors:
- Type I Error: Occurs when we reject the null hypothesis $H_0$ when it is actually true. The probability of committing this error is denoted by $\alpha$ (level of significance).
- Type II Error: Occurs when we fail to reject (or accept) the null hypothesis $H_0$ when it is actually false. The probability of committing this error is denoted by $\beta$.
Therefore, the Type II error itself refers to the action of accepting $H_0$ when it is false.
Step 3: Final Answer
The correct option is (B).