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Describe the five decision making strategies offered by the decision-making model.
Total Revenue
The gross revenue from selling products or services before deducting any costs.
Fixed Cost
Expenditures that do not change with the level of production or sales, such as rent, salaries, and insurance.
Total Cost
the complete cost of production including both fixed and variable costs.
Maximize Profit
A strategy or goal where a firm seeks to achieve the highest possible profit through its operations and decision-making.
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