Why Would a Company Use a Decision Support System (DSS)

question 118

Multiple Choice

Why would a company use a decision support system (DSS) ?

• A)It speeds up and simplifies the acquisition of information. 
• B)It only processes security data. 
• C)It helps managers understand problems and potential solutions with sophisticated models. 
• D)It can be used to replace all managerial decision making.

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Definitions:

Long Run

A period in economics where all factors of production can be adjusted, allowing firms to change their output levels based on market demands.

Marginal Revenue Curve

A graphical representation showing how marginal revenue varies with changes in quantity sold, highlighting the additional revenue from selling one more unit.

Price-Taker Markets

Markets in which individual sellers or buyers cannot affect the market price due to their small size relative to the market as a whole.

Market Price

The actual selling price of goods or services available in the marketplace at any given time.