Suppose a Firm Can Estimate Its Demand with 100 Percent

question 94

Multiple Choice

Suppose a firm can estimate its demand with 100 percent accuracy. In this case, the value of the forecast is equal to_______ _.

• A)infinity
• B)zero
• C)the actual profit the firm earns from having the forecast
• D)the amount of profit the firm would lose from not having the forecast

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Definitions:

Implicit Memory

A type of memory that enables us to perform tasks without conscious awareness of these previous experiences, such as procedural memory involved in riding a bike.

Conscious Awareness

The state of being awake and aware of one's surroundings, thoughts, feelings, and sensations.

Anterograde Amnesia

The inability to form new memories following an incident or onset of a disease, while memories from before the event remain intact.

Working Memory

A cognitive network with a bounded potential, charged with keeping information temporarily for processing needs.