In the "Jury of Executive Opinion" Method of Forecasting

question 129

Multiple Choice

In the "jury of executive opinion" method of forecasting:

• A) the main advantage is that its results are always very good.
• B) each executive projects future trends, but does no extending of the past.
• C) forecasters develop a combination of factors.
• D) the combined opinions of experienced executives are used to reach a consensus.
• E) none of these alternatives is correct.

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Definitions:

Unit Price

The cost per unit of a product or service.

Constant Cost

An economic scenario where the cost of producing an additional unit of a good or service remains unchanged, regardless of the scale of production.

Equilibrium Quantity

The quantity of goods supplied is equal to the quantity demanded at a given price level.

Equilibrium Price

The price at which the quantity of a good supplied equals the quantity demanded, resulting in no surplus or shortage in the market.