What Is True of Substitute Products

question 115

Multiple Choice

What is true of substitute products?

• A)When the price of one increases,the quantity purchased of the other decreases.
• B)When the price of one increases,the quantity purchased of the other increases.
• C)When the price of one decreases,the quantity purchased of the other increases.
• D)They are products which are always purchased together.

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Definitions:

Forecast Error

The difference between the actual value and the value predicted by a forecasting model.

Mean Absolute Percentage Error

A statistical measure used to calculate the accuracy of a forecasting model, expressed as a percentage of error between observed and predicted values.

Forecasts Characteristics

Features or attributes of predictions about future events, such as demand or market trends, including accuracy, reliability, and timeliness.

Solver

In computational mathematics, a solver is an algorithm or software application used to solve mathematical, engineering, or logistical problems.