Which of the Following Is True of Cluster Analysis

question 43

Multiple Choice

Which of the following is true of cluster analysis?

• A) It is a cause-and-modeling type of analytic model.
• B) It does not provide a definitive answer from analyzing the data.
• C) It is primarily a prescriptive analytical method.
• D) It uses clustered data that are not affected by the specific method used.

---

Definitions:

Vickrey Auction

A type of sealed-bid auction where the highest bidder wins but pays the price offered by the second-highest bidder.

Willingness To Pay

The maximum amount an individual is ready to spend to acquire a good or service, reflecting the value they assign to it.

Expected Revenue

The predicted amount of money that a business will receive from its sales over a certain period, usually calculated by multiplying expected sales by the price of goods or services.

Probability

A numerical representation between 0 and 1 that indicates the likelihood of an event transpiring.