Intuitive Decision Making ________

question 83

Multiple Choice

Intuitive decision making ________.

• A)is the systematic use of the best available evidence to improve decision-making practice
• B)generally results in poor decisions,and hence managers should learn to ignore their gut feelings
• C)is only appropriate for simple problems
• D)is the process of making decisions based on experience,feelings,and accumulated judgment

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Definitions:

Marginal Value

The additional benefit received by consuming or using one more unit of a good or service.

Markdown

A reduction from the original selling price of goods or services to increase their attractiveness to buyers.

Monopsony Power

The market power held by a single buyer, allowing them to dictate prices to sellers due to a lack of competition.

Monopoly Power

The ability of a monopolist to significantly control market price and exclude competitors by owning a majority of the market share.