When a Manager Can List All Outcomes and Assign Probabilities

question 32

Multiple Choice

When a manager can list all outcomes and assign probabilities to each

• A)uncertainty exists.
• B)both risk and uncertainty exist.
• C)risk exists.
• D)the manager should use the minimax rule for making a decision.
• E)b and d

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Definitions:

Klutzes

Describes persons who are clumsy, often making mistakes or causing accidents in a somewhat comical or endearing way.

Personal Hygiene

Practices and habits that are intended to care for one's bodily health and well-being, through cleanliness.

Macroeconomics

A branch of economics dealing with the structure, performance, behavior, and decision-making of an economy as a whole, rather than individual markets.

Marginal Products

The additional output that is produced as a result of adding one more unit of a particular input while holding other inputs constant.