Final answer:
A Pearson's correlation coefficient of 0.5 represents a moderately good fit between the regression line and the individual data points on the scatter plot.
Step-by-step explanation:
The Pearson's correlation coefficient, denoted as r, measures the strength and direction of the linear relationship between two variables. A coefficient of 0.5 indicates a moderately good fit between the regression line and the individual data points on the scatter plot. This means that the points on the scatter plot form a moderately strong pattern around the regression line. Therefore, the correct answer is B - There is a moderately good fit between the regression line and the individual data points on the scatter plot.