The "Best Fitting Line" Is That Regression Line That

question 26

Multiple Choice

The "best fitting line" is that regression line that

• A) minimizes the errors of prediction.
• B) minimizes each squared error of prediction.
• C) minimizes the sum of squared errors of prediction.
• D) hits the most points as it goes through the scatterplot.

---

Definitions:

More Inelastic

Describes a situation where the demand for a product or service is less responsive to changes in price.

Name Brands

Brands that are widely recognized and generally perceived as indicative of quality and reliability.

Promotional Campaign

A planned series of activities designed to advertise and create awareness or interest in a product or service.

More Elastic

Describes a situation where a product or service's demand is more sensitive to changes in price, indicating that consumers are more likely to react to price variations.