BUS 100 Quiz 3Q1. In Monte-Carlo simulation, a large number of replications is needed so as tocapture the many possible combinations of random variable values that mayarise, True or False?Q2. What are the problems with the 'follow the leader' approach in Game theory?Q3. Define the key characteristics of stochastic models.Q4. Which of these statements is true?Q5. What is scenario analysis used for in a business challenge?