In Order to Generate More Accurate Results When Using Simulation

question 57

Multiple Choice

In order to generate more accurate results when using simulation:

• A) use a continuous distribution instead of a discreet distribution.
• B) increase the number of replications.
• C) increase the number of factors considered.
• D) All of the answers choices are correct.
• E) None of the answer choices is correct.

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Definitions:

Localized Markets

Areas where businesses sell products or services within a specific geographic region or demographic.

Herfindahl Index

A measure used to calculate the concentration of market power within an industry by summing the squares of the market shares held by each competitor.

Market Power

The ability of a firm or group of firms to influence or control the terms and conditions of the market to their advantage, often through controlling supply, manipulating prices, or creating barriers to entry.

Technologically Progressive

A characteristic of firms or economies that consistently adopt and implement new technologies, leading to growth and development.