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1. Regression model is linear in the coefficients and the error term
2. Error term has a population mean of zero
3. All independent variables are uncorrelated with the error term
4. Observations of the error term are uncorrelated with each other
5. The error term has a constant variance (no heteroskedasticity)
6. No independent variable is a perfect linear function of other explanatory variables
7. Error term is normally distributed