If There Is No Change in Demand That Will Cause

question 4

Multiple Choice

If there is no change in demand that will cause a change in the price then the supply for the good is

• A)perfectly elastic.
• B)inelastic.
• C)perfectly unit elastic.
• D)perfectly inelastic.

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Definitions:

Maximax Strategy

A decision-making approach focused on maximizing the maximum possible payoff, suitable for optimistic decision-makers.

Maximin Criterion

A decision rule used in statistics, economics, and game theory that selects the action which has the highest minimum payoff.

States of Nature

Possible outcomes or situations in decision-making under uncertainty that affect the results of different decisions but are beyond the control of the decision-maker.

Manufacturing Alternatives

Different methods or approaches available for the production of goods, considering factors like cost, technology, and resource availability.