Which of the Following Statements About Simulation Is FALSE

question 41

Multiple Choice

Which of the following statements about simulation is FALSE?

• A)Since each simulation model is specifically developed to analyze a specific problem,the models,results,or the conclusions cannot be transferred to other problems.
• B)Simulation results are generally not more accurate than analytical models.
• C)It is a flexible tool and can be quickly adapted as conditions in the problem environment change.
• D)Developing complex simulation models can be time-consuming and expensive.

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Definitions:

Sequential Entry

A market entry strategy where firms enter the market one after another, often in a deliberate order or sequence.

Marketing Rights

The permissions or licenses which a business or individual owns to market or sell a specific product, service, or intellectual property within a given territory.

Dominant Strategy

A dominant strategy is the best course of action for a player no matter what the other players do, in game theory and economic strategy.

Nash Equilibria

A concept in game theory where no player can benefit by changing strategies if others keep their strategies unchanged.