There are seven assumptions required for OLS (ordinary least squares) to be the best linear unbiased estimator (blue). For each assumption, answer the following:

a) what is the assumption?

b) how can the assumption be violated? If it is violated, what do we call the violation?

c) how can you detect is this assumption is violated?

d) what is the consequence of violating the assumption? (Biased estimates of beta? Incorrect standards? Both?)

e) what is a potential fix if this assumption is violated?