Which of the Following Are Advantages to Simulation

question 90

Multiple Choice

Which of the following are advantages to simulation?
I. Time compression
II. What-if questions are possible
III. Flexibility
IV. Trial and Error approach
V. Input must be user generated

• A) I, III, V
• B) I, II, V
• C) II, III, IV, V
• D) I, II, IV, V
• E) I, II, III

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Definitions:

Individual Producer

A single entity or person that creates goods or provides services in an economy.

Market Power

Refers to the ability of a firm or group of firms to manipulate the price and output levels in the market to their advantage.

Supply

The total amount of a specific good or service available to consumers at a given price level.

Input Market

The input market is the marketplace where companies or individuals procure resources, such as raw materials, labor, and services, needed to produce goods or offer services.