In Which Kind of Market Would a Production Orientation Be

question 129

Multiple Choice

In which kind of market would a production orientation be most successful?

• A)A market that sells only intangible products
• B)A seller's market when demand exceeds supply
• C)A buyer's market when supply exceeds demand
• D)A market where there are more sellers than buyers
• E)There is no market in which a product orientation can be used successfully.

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Definitions:

Tchebysheff's Theorem

A statistical theorem stating that for any distribution, the proportion of outcomes within k standard deviations from the mean is at least \(1-\frac{1}{k^2}\) for k > 1.

Empirical Rule

A statistical norm indicating that in a normal distribution, the vast majority of data points lie within a range of three standard deviations from the mean.

Tchebysheff's Theorem

A theorem that provides a minimum bound on the proportion of values that lie within a certain number of standard deviations from the mean for any distribution.

Empirical Rule

The rule in statistics where for any normal distribution, practically all of the data is expected to be within three standard deviations from the mean value.