Decision Support Systems _____

question 60

Multiple Choice

Decision support systems _____.

• A) are used for operational, tactical, and strategic decision making
• B) might support a decision maker in only one or two of the problem-solving phases
• C) support optimization, satisficing, and heuristic approaches
• D) all of the above

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Definitions:

Profit-Maximizing

The approach a company takes to determine the most profitable pricing and output combination.

Deadweight Loss

An inefficiency in the market that occurs when supply and demand are out of balance, resulting in lost economic opportunity.

Consumer Surplus

The distinction in the collective amount consumers are disposed and financially able to spend on a product or service, and the collective amount they actually spend.

Profit-Maximizes

A strategy or behavior exhibited by firms aiming to achieve the highest possible profits by adjusting their production levels, prices, and cost structures.