Which Decision-Making Model Is the Most Realistic in Portraying the Managerial

question 55

Multiple Choice

Which decision-making model is the most realistic in portraying the managerial decision process?

• A)rational
• B)garbage can
• C)bounded rationality
• D)incremental

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Definitions:

Production Possibility Frontier

A curve depicting the maximum attainable combinations of two or more products that a business can produce with limited resources.

Capital Goods

Long-lasting goods, such as equipment or buildings, used to produce other goods or services.

Consumer Goods

Products and services that are consumed by individuals or households to satisfy their needs or wants.

Command Economy

An economy in which a central government either directly or indirectly sets output targets, incomes, and prices.