The Minimax Criterion Is to

question 10

Multiple Choice

The minimax criterion is to

• A)minimize one's maximum losses.
• B)maximize one's maximum losses.
• C)maximize one's minimum gains.
• D)minimize one's minimum gains.
• E)Both A and C are correct

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Definitions:

Marginal Cost

The hike in complete costing that comes with the fabrication of an additional unit of a good or service.

Competitive Buyer

A buyer in a market who cannot influence the market price and takes the price as given.

Marginal Expenditure

The rise in expense from obtaining one more unit of a good or service.

Average Expenditure

The total spending divided by the number of units bought, used to calculate the average cost of goods or services.