Which of the Following Is a Decision-Making Approach a Person

question 60

Multiple Choice

Which of the following is a decision-making approach a person uses when the negative impact of making the wrong decision is so high that he or she chooses that alternative that guarantees at least the minimum payoff?

• A)maximax criterion
• B)Laplace criterion
• C)maximin criterion
• D)minimax regret criterion

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Definitions:

Clean a Bagel Press

The process of removing residue and maintaining hygiene standards in a machine used for shaping and baking bagels.

Production Function

A mathematical model that describes the relationship between inputs (like labor and capital) and the maximum output that can be produced.

Good y

Represents a specific product or service in economic models, often used to analyze consumer behavior or market dynamics.

Manicotti

A large pasta tube often stuffed with filling, such as ricotta cheese and spinach, and baked with a sauce.