Marketing Simulation Involves

question 34

Multiple Choice

Marketing simulation involves

• A) recognizing and recording relevant objects, events, and important and commonplace activities
• B) intense investigation of prior situations that are analogous or appear relevant to the current one
• C) creating an analogous version of a real-world phenomenon through a likeness or formal model
• D) directly manipulating key variables and observing the effect on dependent variables

---

Definitions:

Supply Shifts

Supply shifts refer to changes in the supply curve caused by factors other than price, such as technology, production costs, and supplier expectations, leading to different quantities being supplied at the same price.

Surplus

The situation in which the quantity of a good or service supplied exceeds the quantity demanded, often leading to lower prices.

Unregulated Market

A market where economic activities operate without direct governmental control, often resulting in high competition and consumer choice but potentially also in market failures.

Price Fall

A decrease in the cost of goods or services in the market, often leading to increased consumer demand.