Simulation

question 55

Multiple Choice

Simulation

• A) does not guarantee optimality.
• B) is flexible and does not require the assumptions of theoretical models.
• C) allows testing of the system without affecting the real system.
• D) All of the alternatives are correct.

---

Definitions:

Economist

A professional or expert in economics, studying the production, distribution, and consumption of goods and services.

Rate of Return

The gain or loss on an investment over a specified period, expressed as a percentage of the investment’s cost.

Price-taker Market

A market situation where buyers and sellers accept the prevailing market price as they individually have no influence over it.

Short-run Market Supply

The total quantity of a good that producers are willing and able to sell at a given price over a short period.