In Ordinary Least Squares Regression, the gap between the value ...

[TFauchery]

In Ordinary Least Squares Regression, the gap between the value of the dependent variable and the predicted value is called
 
  A) the error term.
  B) the minimizing coefficient.
  C) the residual.
  D) the explanatory variable.

Question 2

Explain the difference between diminishing returns to labor and diminishing marginal returns to labor.
 
  What will be an ideal response?

[ms_sulzle]

Answer to Question 1

C

Answer to Question 2

Diminishing returns to labor means that an increase in the number of labor units will decrease the amount of output. Diminishing marginal returns means that additional units of labor increase output at a decreasing rate.