What Is the Difference Between a Substitute and a Complement

question 66

Multiple Choice

What is the difference between a substitute and a complement?

• A)Substitutes reduce the value of a product, whereas complements increase value
• B)Complements reduce the value of a product, whereas substitutes increase value
• C)Complements cannot be used together, whereas substitutes can
• D)Complements increase the average price of any of them, whereas substitutes do the opposite

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Definitions:

Mean Absolute Deviation

A statistical measure that quantifies the average absolute deviation of data points from their mean, used to gauge variability within a dataset.

Forecast Error

The difference between the actual value and the value predicted by a forecasting model.

Mean Absolute Percentage Error

A statistical measure used to calculate the accuracy of a forecasting model, expressed as a percentage of error between observed and predicted values.

Forecasts Characteristics

Features or attributes of predictions about future events, such as demand or market trends, including accuracy, reliability, and timeliness.