Maximin Rule

question 35

Multiple Choice

maximin rule

• A)ignores bad outcomes.
• B)is used by optimistic managers.
• C)minimizes the potential regret.
• D)a and c
• E)none of the above

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Definitions:

Technological Efficiency

A state of production where a business cannot produce more of one good without lowering the production level of another good, given current technology.

Import Protection

Measures by a government to restrict foreign imports to protect domestic industries.

Import Quotas

Restrictions set by a country on the amount or volume of goods that can be imported into the country over a set period of time.

Consumer Surplus

The discrepancy between what consumers are prepared to spend on a good or service and what they end up paying.