Examlex
Which of these is NOT a characteristic of a competitive labor market?
Least Squares Method
The least squares method is a statistical technique used to determine the best-fit line for a set of data, by minimizing the sum of the squares of the differences between observed and estimated values.
Best Fit
A method or line that best approximates the relationship between variables in a set of data.
Minimizes
The process of finding the lowest value of a function, often relevant in optimization problems.
Residuals
The differences between observed and predicted values in a statistical model or analysis.
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