Applications of Simulation Models Reflecting Continuous Distributions Are More Common

question 11

True/False

Applications of simulation models reflecting continuous distributions are more common than those of models employing discrete distributions.

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Definitions:

Opportunity Cost

The value of the best alternative that is forgone in making any choice or decision.

Terms of Trade

The ratio between a country's export prices and its import prices, indicating the quantity of imports goods a country can purchase through the sale of its exports.

Supply and Demand

Fundamental economic model describing how prices vary as a result of a balance between product availability and consumers' purchasing desires.

Opportunity Cost

The financial loss associated with rejecting the subsequent preferable choice when deciding or selecting amongst various options.