Which of the Following Is Not a Disadvantage to Simulation

question 36

Multiple Choice

Which of the following is not a disadvantage to simulation?

• A) Time compression
• B) Expensive, can take months to develop
• C) Trial and error approach
• D) All input must be user generated
• E) All of these are disadvantages to simulation

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Definitions:

Short Run

A period in which at least one factor of production is fixed, limiting the ability of a business to expand its output.

Isoquants

A curve representing all combinations of inputs that give the same level of output.

Production Function

An equation that describes the relationship between inputs and the maximum output that can be produced.

Slope

The rate at which a line rises or falls, indicating the steepness of a line on a graph, often representing change in variables in economics.