Why are decision trees useful to managers who plan business strategies?
A) Decision trees can be used to increase the amount of product differentiation; this enables managers to charge higher prices for their products.
B) Decision trees provide a systematic way of thinking through the implications of a strategy.
C) Using a decision tree always leads to a dominant strategy.
D) Decision trees explain the level of concentration in an industry.
B
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Suppose the firms in a perfectly competitive industry are earning positive economic profits
How will these positive profits affect the flow of resources into the industry? How will the equilibrium quantity and price change in the industry because of the profits?
According to the quantity theory of money, a 10 percent increase in the quantity of money ultimately leads to a 10 percent increase in
A) real national income. B) real GDP. C) the price level. D) velocity.