I Long-Term Forecasts Are Usually from One Year to More

question 53

Multiple Choice

i. Long-term forecasts are usually from one year to more than 10 years into the future.
ii. A forecast is considered necessary in order to have the raw materials, production facilities, and staff available to meet estimated future demands.
iii. Many business and economic time series have a recurring seasonal pattern.

• A) (i), (ii), and (iii) are all correct statements.
• B) (i) and (ii) are correct statements but not (iii).
• C) (i) and (iii) are correct statements but not (ii).
• D) (ii) and (iii) are correct statements but not (i).
• E) (i), (ii), and (iii) are all false statements.

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Definitions:

Pure Monopoly

A market structure where a single company or entity exclusively controls the entire supply of a particular product or service, facing no competition.

Consumer Tastes

Preferences or inclinations of consumers that influence their buying behavior and decisions.

Legislative Changes

Amendments or introductions of new laws and regulations by a governing body.

Target Market

The specific group of consumers at which a company aims its products and services.