A researcher decides to change the significance level of their hypothesis test from $\alpha =0.05$ to $\alpha =0.01$. Assuming the sample size and true effect size remain the same, which of the following is the most likely consequence?

The probability of a Type I error ($\alpha$) will increase, and the statistical power ($1-\beta$) will also increase

The probability of a Type I error ($\alpha$) will decrease, and the probability of a Type II error ($\beta$) will also decrease

The probability of a Type I error ($\alpha$) will decrease, and the probability of a Type II error ($\beta$) will increase

The probability of a Type I error ($\alpha$) will increase, and the probability of a Type II error ($\beta$) will decrease