Which Methodology Is Used to Group Products That Customers Purchase

question 3

Multiple Choice

Which methodology is used to group products that customers purchase together?

• A)market basket analysis
• B)prediction
• C)classification analysis
• D)forecasting

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Definitions:

Partial Equilibrium

An analysis of equilibrium within a specific market or sector, ignoring interactions with other markets or the effects of changes in them.

General Equilibrium Analysis

An economic analysis that considers the simultaneous equilibrium of all markets in the economy.

Wheat Market

The global marketplace where wheat is bought and sold, influenced by factors such as weather conditions, political stability, and global supply and demand.

Oil Prices

The cost per barrel of crude oil, determined by global supply and demand dynamics.