Data Mining Would Be Useful in All of the Following

question 34

Multiple Choice

Data mining would be useful in all of the following situations except

• A)Identifying hidden patterns in customers' buying habits.
• B)Assessing customer reactions to new products.
• C)Determining customers' behavior patterns.
• D)Accessing customers' payment histories.

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Definitions:

Price Elasticity

A measure of the sensitivity of demand for a product or service to a change in its price.

Elasticity of Demand

An evaluation of how sensitively the demanded amount of a product responds to changes in price.

Demand Curve

An illustration that depicts the connection between how much of a product consumers want to buy and its cost.

Perfectly Inelastic

A situation in demand where the quantity demanded does not change regardless of the change in price.