Mean Absolute Deviation (MAD), Mean Square Error (MSE), and Mean

question 14

True/False

Mean absolute deviation (MAD), mean square error (MSE), and mean absolute percentage error (MAPE) forecast error metrics generally giving similar numerical results so it does not matter which one is used.

---

Definitions:

Demand Curve

Depicts how the quantity demanded of a commodity varies with its price, commonly shown as a downward-sloping line on a graph, reflecting the inverse relationship between price and quantity demanded.

Price Leadership

Pattern of pricing in which one firm regularly announces price changes that other firms then match.

Oligopolistic Firms

Companies operating in a market structure characterized by a small number of firms controlling a large market share, often leading to limited competition.

Economic Vitality

The health and dynamism of an economy, often assessed by metrics such as growth, employment, and innovation.