Computer Simulations Use ____ as a Way of Introducing Some

question 32

Multiple Choice

Computer simulations use ____ as a way of introducing some realistic variability into the underlying model.

• A) relationships
• B) random numbers
• C) algorithms
• D) classes

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Definitions:

Barriers to Entry

Economic, procedural, or regulatory obstacles that prevent new competitors from easily entering an industry or area of business.

Breaking Even

The point at which total costs and total revenue are equal, resulting in no net loss or gain for a business.

Monopolistic Competitor

A firm in a market structure where many companies sell products that are similar but not identical, allowing for some control over prices.

Monopolistic Competitors

Companies in a market where many sellers offer products that are similar but not identical, giving each some degree of market power.