Chapter 8 Econ

¡Supera tus tareas y exámenes ahora con Quizwiz!

An optimal decision is one which

among all the decisions that are actually possible, best achieves the decision maker's goal. For example, if profit is the sole objective of some firm, the price that makes the firm's profit as large as possible is optimal for that company.

net gain-

difference between the total benefit and the total cost


Conjuntos de estudio relacionados

Gramm-Leach-Bliley Act (Privacy of Consumer Financial Information)

View Set

Chapter 29 - Development and Inheritance

View Set