The Three Main Models That Managers Use to Make Decisions

question 60

Multiple Choice

The three main models that managers use to make decisions are ________.

• A)bounded rational,intuitive,systematic
• B)rational,bounded rational,intuitive
• C)intuitive,systematic,heuristic
• D)rational,irrational,unbounded rational

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Definitions:

Total Costs

The sum of all the expenses incurred in producing a good or service, including both fixed and variable costs.

Average Variable Costs

The total variable costs of production divided by the quantity of output, representing the variable cost per unit of output.

Repairs

The process of restoring a damaged, broken, or failed device, equipment, or part to good working condition.

Hydraulic Car Smasher

A machine designed to compress and crush cars using hydraulic pressure for purposes such as recycling or disposal.