Which of the Following Is a Technique Used for Making

question 16

Multiple Choice

Which of the following is a technique used for making sequential decisions that allow the decision maker to visually map each possible decision alternative to determine the best decision?

• A)decision tree
• B)sensitivity analysis
• C)sequential analysis
• D)decision priority

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Definitions:

Growing Demand

An increase in the quantity of a product or service that consumers are willing and able to buy over a given period.

Economizing Problem

The fundamental economic issue of meeting people's unlimited wants with limited resources, necessitating choices and priorities in resource allocation.

Economic Wants

The desires of individuals or societies for goods and services that provide utility and satisfaction, exceeding the basic needs for survival.

Economic Means

The methods or tools employed to allocate and utilize resources efficiently in the production, distribution, and consumption of goods and services.