The Process of Comparing a Model to the Real System

question 64

Multiple Choice

The process of comparing a model to the real system that it represents to make sure it is accurate is called

• A)validation.
• B)verification.
• C)simulation.
• D)experimentation.

---

Definitions:

Public Good

Goods or services that are non-excludable and non-rivalrous, meaning they can be used by many without diminishing availability to others.

Private Good

A product or service that is consumed by an individual without its benefits being available to others who have not paid for it, characterized by excludability and rivalry.

Public Good

A product that is non-excludable and non-rivalrous, meaning it can be consumed by multiple people without diminishing availability to others.

Total Quantity Demanded

The sum of all individual quantities of a good or service demanded at a given price level within a specified period.