There Are Three Types of Nodes That Are Used with the Decision

question 47

Multiple Choice

There are three types of nodes that are used with the decision trees. They are the:

• A) mean nodes, variance nodes, and the standard deviation nodes
• B) probability nodes, risk nodes, and the expected value nodes
• C) supply nodes, demand nodes, and the expected value nodes
• D) decision nodes, probability nodes, and end nodes.
• E) horizontal nodes, vertical nodes, and the diagonal nodes

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Definitions:

Product-Variety Externalities

Economic externalities that arise when the introduction of new products benefits consumers by providing a wider array of choices, potentially affecting their utility and the demand for various goods.

Business-Stealing

The negative impact on existing firms when new entrants to the market capture some of their market share, leading to potentially lower profits for the incumbents.

Long Run Entry

The process by which new firms enter a market, adjusting the supply side of the market, typically considering all factors of production as variable.

Social Welfare

Programs and policies designed to enhance the well-being of individuals and communities, often through provision of health, education, and financial support.