There are many new regulators which have tighter output tolerances (better than 2% is common), achieved through the use of a laser-trim process. Also, many of the new regulators have separate output specifications that cover room temperature/full operating temperature range, and full-load/light-load conditions.
In cases where thermal limiting occurs, both the output voltage and current will be reduced. When the output voltage drops below its nominal value, the error signal appearing at the voltage error amplifier will cause it to try and correct the regulator output voltage by driving its output high (and sourcing more current to the pass transistor).
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