Which of the Following Statements About Simulation Is BEST

question 66

Multiple Choice

Which of the following statements about simulation is BEST?

• A)Tools like optimization and regression analysis work best when they are simulated.
• B)Simulation permits managers to test the effects of new policies and procedures without disrupting customer service.
• C)As computers have increased in processing power, simulation results have become less accurate.
• D)Computer-based simulation is the only "true" simulation.

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Definitions:

Short-run Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity supplied over a short period.

Perfectly Competitive

An alternative term for perfect competition, emphasizing a market scenario with many buyers and sellers and no barriers to entry.

Marginal Cost Curve

A graphical representation that shows how the cost of producing one more unit of a good or service varies as production increases.

Average Variable Cost Curve

A graphical representation showing how the average variable cost changes as the quantity of output is increased.