A payoff table lists the monetary values for each possible combination of:
A) mean and median.
B) mean and standard deviation.
C) event (state of nature) and act (alternative).
D) None of these choices are correct

Question

Quizplus · Accepted Answer

A payoff table is used to list the monetary values for each possible combination of an event (state of nature) and an act (alternative). This allows decision makers to evaluate the potential outcomes of different actions based on the likelihood of certain events occurring. Therefore, choice C is the best choice as it accurately describes the purpose and content of a payoff table.

A Payoff Table Lists the Monetary Values for Each Possible