All of the Following Are Characteristics of Classical Decision Making

question 48

Multiple Choice

All of the following are characteristics of classical decision making model,except:

• A)clear-cut problems and goals
• B)conditions of certainty
• C)rational choice by an individual for maximising outcomes
• D)limited information about alternatives and their outcomes
• E)A and B.

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Definitions:

Consideration

A fundamental component in contract law, referring to something of value that is exchanged between parties as part of an agreement.

Inventor

An individual who creates something new, whether it is an idea for a product, a device, or a process.

Exclusive Right

A legal entitlement allowing an individual or entity to engage in a particular activity or use a particular property to the exclusion of all others.

Statute of Frauds

A legal principle that requires certain types of contracts to be in writing to be enforceable.