Which of the Following Is True of Intuitive Decision Making

question 12

Multiple Choice

Which of the following is true of intuitive decision making?

• A) It involves making decisions based on distilled experience.
• B) It occurs within conscious thought.
• C) It is devoid of emotions.
• D) It is the most rational way of making decision.
• E) It is a slow process of decision making.

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Definitions:

Cost Minimizing

The strategy or process of reducing expenses to the lowest possible level while maintaining the desired level of production quality or service.

Inputs

The resources such as labor, materials, and capital used in the production process.

MRTS

Marginal Rate of Technical Substitution, indicating how much of one input can be reduced when one more unit of another input is used, keeping output constant.

MRTS

Marginal Rate of Technical Substitution; the rate at which one input can be reduced for every increase in another input while maintaining the same level of output.