Identify the correct statement(s) about the line of best fit.

It is unique for a set of data

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It passes through all points in a dataset

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It is the line for which the errors of the data values are the least

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It is obtained by minimizing the algebraic sum of errors

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Solution

The correct options are
A
It is unique for a set of data

C
It is the line for which the errors of the data values are the least

The line of best fit is unique for a data set. Since it is a line, it cannot pass through all the points of the dataset (unless for perfect correlation). It is obtained by minimizing the sum of squares of the errors.

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