For Which of the Following Categories of Products Will Demand

question 18

Multiple Choice

For which of the following categories of products will demand forecasting be easiest?

• A) commodities which are in the initial stage of their product life cycles
• B) products which have many close substitutes in the market
• C) goods which are produced in an oligopoly market
• D) products whose sales fluctuate widely
• E) products whose consumers are highly sensitive to change in price

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Definitions:

Optimal Size

Refers to the best or most efficient size for a company, team, or other organizational units to operate effectively and achieve its goals.

Team Size

pertains to the number of members in a team, which can influence the team's dynamics, communication, and effectiveness.

Hindsight Bias

The tendency to believe, after an outcome is already known, that one would have correctly predicted it beforehand, often described as the "I knew it all along" phenomenon.

Sampling

is the process of selecting a representative group or subset from a larger population for the purpose of making inferences about the larger group.