The Purpose of Integrating Quantitative and Qualitative Factors in the Decision

question 9

Multiple Choice

The purpose of integrating quantitative and qualitative factors in the decision making process is to

• A)Organize the decision making process
• B)Bring order to the complex business environment
• C)Improve the quality of the decision
• D)To analyze why customers buy a certain product or service

---

Definitions:

Consumer Surplus

The gap between the total price consumers are prepared and able to pay for a service or product and the amount they really pay.

World Price

The international market price of a product or commodity, influenced by global supply and demand conditions.

Free Trade

An economic policy that allows imports and exports between countries with minimal or no barriers to trade, such as tariffs or quotas, encouraging international commerce.

Imported

Brought into a country from abroad for the purpose of selling.