Which of the Following Statements About the Factors That Influence

question 110

Multiple Choice

Which of the following statements about the factors that influence demand is true?

• A)As the availability of close substitutes increases,the demand for a product increases.
• B)As real consumer income increases,the demand for a product increases.
• C)As the price of close substitutes increases,the demand for a product declines.
• D)Changing consumer tastes have little impact on the demand for a product.
• E)As real consumer income decreases,the demand for a product increases.

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Definitions:

Forecasting Technique

Methods or models used to estimate future values based on historical data, trends, and patterns.

Mean Absolute Deviation

A measure of the average absolute differences between each number in a set of values and the mean of the values.

Forecast Accuracy

The degree to which predicted outcomes align with actual results, often used in planning and decision-making processes.

Adaptive Smoothing

An approach to exponential smoothing forecasting in which the smoothing constant is automatically changed to keep errors to a minimum.