Which of the Following Statements Regarding Simulation Is FALSE

question 40

Multiple Choice

Which of the following statements regarding simulation is FALSE?

• A) Large-scale simulation models are virtually all handled by computer.
• B) Simulation has numerous areas of application in operations.
• C) Simulation attempts to duplicate a real system.
• D) The process of simulation involves six steps.
• E) All of these are true.

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Definitions:

Monopolistic Competition

A market structure where many firms offer products or services that are similar but not perfect substitutes, leading to competition based on factors other than price.

Excess Capacity

A situation where a business has more production facilities, resources, or capability than currently needed to meet demand.

Nonprice Competition

Competitive strategies used by companies to attract customers through methods other than lowering prices, such as product quality, service, and marketing.

Variety

Refers to the range of different products, services, or choices available in a particular area or sector.