Modeling Is a Process,which Seeks to

question 15

Multiple Choice

Modeling is a process,which seeks to

• A)establish a relationship between variables in order to estimate a dependent variable
• B)eliminate a uncertainty in the business environment
• C)computerize what was formerly clerical work
• D)rely totally on external data to anticipate changes in a company's line of business

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Definitions:

Long-run Equilibrium

A state in which all inputs and outputs in an economy are fully adjusted and there is no tendency for change.

Aggregate Supply

The total supply of goods and services that firms in an economy are willing to sell at a given overall price level, across all existing price levels.

Long-run Aggregate Supply

The total supply of goods and services that an economy can produce when resources are fully employed at their most efficient levels, without inflation.

Short-run Aggregate Supply

The total supply of goods and services that firms in an economy are willing to produce at a given overall price level in a specific time period.