James Has Calculated the Possible Profits from Three Different Scenarios

question 22

Multiple Choice

James has calculated the possible profits from three different scenarios for the expansion of his recreation park,each for a different amount of advertising and promotion.He has chosen to implement the scenario that offers the greatest profit.James has decided to ________.

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

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Definitions:

Inventories

Quantities of goods or materials on hand or in the process of being produced for sale.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that producers are willing to supply.

Demand Increases

A situation where the quantity of a good or service sought by buyers rises due to factors like a decrease in price or an increase in consumer income.

Roses

Fragrant flowers from the genus Rosa, often symbolizing love and beauty, and cultivated in many varieties and colors.