This Regret Matrix Gives Potential Dollar Values in Thousands for Strategies

question 64

Multiple Choice

This regret matrix gives potential dollar values in thousands for strategies S1, S2, S3, and S4 for Al's Fish Fry and competitive strategies CA1, CA2, and CA3 for Sal's Fish Bake. If Al chooses S3, what kind of strategy is he using?

• A) minimax
• B) maximin
• C) maximax
• D) minimin

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Definitions:

Sales Contract

A legal agreement between a buyer and seller outlining the terms of a sale of goods or services.

Insure

To provide or obtain insurance coverage against risk or loss.

Rights

Entitlements or freedoms granted to individuals or groups by law, social convention, or moral principles.

Liabilities

Financial obligations or debts that a company or individual owes to others.