In the Classical Model of Decision Making, the Most Appropriate

question 68

Multiple Choice

In the classical model of decision making, the most appropriate decision possible in light of what is believed to be the most desirable consequences for the organization is known as the ________ decision.

• A)intuitive
• B)creative
• C)heuristic
• D)subjective
• E)optimum

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Definitions:

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they are available to all and one person's use does not diminish another's.

Marginal Social Cost

The total cost to society of producing one additional unit of a good, including both the private costs and any external costs.

Efficient Level

An optimal point where resources are utilized in the most productive manner without waste, achieving the best outcome.

Positive Externality

A beneficial effect experienced by a third party as a result of an economic transaction or activity between others.