Chapter 8 Econ

Réussis tes devoirs et examens dès maintenant avec 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


Ensembles d'études connexes

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

View Set

AP Psych Module 12 ReviewSharon is continually tense, jittery, and apprehensive for no specific reason. She would probably be diagnosed as suffering a(n):

View Set

Programming Language Pragmatics Chapter 1&2

View Set