Which of the Following Assigns Records to One of a Predefined

question 6

Multiple Choice

Which of the following assigns records to one of a predefined set of classes?

• A) Classification
• B) Estimation
• C) Affinity grouping
• D) Clustering

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Definitions:

Quantity Demanded

It is the specific amount of goods or services that consumers are willing and able to purchase at a given price point, at a specific time.

Quantity Supplied

The total quantity of goods or services that businesses are ready and willing to sell at a designated price for a fixed period.

Productive Efficiency

A situation where a firm or economy cannot produce more of one good without reducing the output of another good, indicating optimal production levels.

Production Possibilities Curve

A curve showing the different combinations of two goods or services that can be produced in a full-employment, full-production economy where the available supplies of resources and technology are fixed.