An Important Aspect of a Compensatory Decision-Making Model Is ________

question 139

Multiple Choice

An important aspect of a compensatory decision-making model is ________.

• A) a brief period of trial and error
• B) the elimination-by-aspects tactic
• C) working backward from the goal to the givens
• D) weights assigned to the various criteria

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Definitions:

Total Cost

The sum of fixed and variable costs incurred in the production of goods or services.

Output

The total quantity of goods or services produced by an individual, firm, or country within a certain period.

Diminishing Marginal Returns

A principle in economics that indicates a decreasing level of incremental output for each additional unit of input, after a certain point.