Economic Theory Is a Valuable Tool for Business Decision Making

question 27

Multiple Choice

Economic theory is a valuable tool for business decision making because it

• A)identifies for managers the essential information for making a decision.
• B)assumes away the problem.
• C)creates a realistic,complex model of the business firm.
• D)provides an easy solution to complex business problems.

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Definitions:

Role Playing

An exercise or technique in therapy and training where individuals assume roles to act out particular scenarios in a controlled environment.

Central Route Persuasion

Central route persuasion is a method of persuasion that involves deeply processing the content of a message, considering the arguments and evidence in detail.

Force Himself To Smile

An act of deliberately smiling, often in an attempt to induce positive emotions or to mask true feelings.

Cognitive Dissonance

The psychological discomfort experienced when holding two or more contradictory beliefs, ideas, or values at the same time.