The Standard regulator is usually best for AC-powered applications, where the low cost and high load current make it the ideal choice. In AC-powered applications, the voltage across the regulator is usually at least 3V or more, so dropout voltage is not critical.
Another characteristic of any linear regulator is that it requires a finite amount of time to "correct" the output voltage after a change in load current demand. This "time lag" defines the characteristic called transient response, which is a measure of how fast the regulator returns to steady-state conditions after a load change.
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