The Method of Probability Assessment That Is Least Likely to Be

question 108

Multiple Choice

The method of probability assessment that is least likely to be used by business decision makers is:

• A) subjective assessment.
• B) relative frequency of occurrence.
• C) classical assessment.
• D) None of the above is used by decision makers.

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Definitions:

Industry Supply Curve

A graphical representation that shows the relationship between the price of a good and the total output of that good by all firms in the industry.

Diminishing Returns

A principle stating that as one factor of production increases while others remain fixed, there will eventually be a decrease in the incremental output gained.

Normal Rate

A standard or usual level of financial return on investment or interest on loans.

Supply

The total amount of a product or service that is available to consumers at a given price over a specific period.