When Managers Know the Possible Outcomes of a Decision and Can

question 81

Multiple Choice

When managers know the possible outcomes of a decision and can assign probabilities to each of these outcomes in terms of their likelihood of occurrence in the future, this is known as

• A)uncertainty.
• B)certainty.
• C)risk.
• D)bounded rationality.

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Definitions:

Tariff

A tax levied on imported goods.

Imported Goods

Products brought into one country from another for the purpose of sale or trade.

Foreign Sales Representative

An agent who represents a company's product or services in foreign markets, often responsible for securing and managing international sales.

Foreign Seller

refers to a seller or supplier who is located in a different country than the buyer, typically involving cross-border transactions subject to international trade laws.