Determine Which Is the Best Approach for Each Problem

question 3

Multiple Choice

Determine which is the best approach for each problem.
-Develop a profile for credit card customers likely to carry an average monthly balance of more than $1000.00.

• A)supervised learning
• B)unsupervised clustering
• C)data query

---

Definitions:

Monopolistically Competitive

Describes a market structure in which many firms sell products that are similar but not identical, allowing for some degree of market power.

Long Run

A period in which all factors of production and costs are variable, allowing firms the flexibility to adjust all inputs.

Monopolistically Competitive

A market structure where many firms sell products that are similar, but not identical, allowing for significant price and product differentiation.

Normal Profits

The level of profit needed for a company to remain competitive in the market, covering its opportunity costs.