Which of the Following Is True Regarding Simulation

question 48

Multiple Choice

Which of the following is true regarding simulation?

• A) If an analytical model can't solve a problem, neither can a simulation.
• B) Simulation can only be done by computer.
• C) Monte Carlo simulation requires the use of random numbers.
• D) Simulation models are inexpensive.
• E) It cannot handle large and complex problems.

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Definitions:

Product Scarcities

Situations where the supply of a product is insufficient to meet demand, often leading to increased prices and competition for available stock.

Private Property

Private property refers to the rights individuals or organizations have to own, use, and dispose of land, buildings, goods, or intellectual property privately, without interference from the government.

Innovation

The first commercially successful introduction of a new product, use of a new method of production, or creation of a new form of business organization.