Forecast Error

question 19

Multiple Choice

Forecast error

• A)takes a positive value when the forecast is too high.
• B)cannot be negative.
• C)cannot be zero.
• D)is associated with measuring forecast accuracy.

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Definitions:

Feigned Scarcity

Feigned scarcity is a marketing strategy wherein the availability of a product is artificially limited to increase demand.

Reciprocity Norm

A social norm that dictates that we should repay, in kind, what another person has provided us, promoting the exchange of goods, services, and favors.

Cognitive Dissonance

The mental discomfort experienced by an individual who holds two or more contradictory beliefs, ideas, or values.

Fundamental Attribution Error

The tendency to overemphasize personality-based explanations for behaviors observed in others while underemphasizing the role of situational factors.