Which of the Following Is Not an Approach for Decision

question 62

Multiple Choice

Which of the following is not an approach for decision making under uncertainty?

• A)decision trees
• B)maximin
• C)maximax
• D)minimax regret
• E)Laplace

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Definitions:

Labor

Human effort, either physical or mental, used in the production of goods and services.

Capital

Financial assets or the financial value of assets, such as cash and buildings, used by a business to produce goods or services.

Least-Cost Combination

An economic principle where firms aim to achieve the lowest possible cost of production by efficiently combining resources.

Marginal Product

The additional output that is produced by adding one more unit of a specific input, while holding other inputs constant.