In regression terms what does "best fit" mean? A)The estimated parameters,b₀and b₁,are minimized. B)The estimated parameters,b₀and b₁,are linear. C)The error terms are as small as possible. D)The largest error term is as small as possible.

Question

Quizplus · Accepted Answer

"Best fit" in regression terms means that the error terms between the observed values and the predicted values are as small as possible. Therefore, choice C is the correct answer as it states that the error terms are minimized. The other choices are not accurate descriptions of "best fit" in regression terms.

In Regression Terms What Does "Best Fit" Mean