Circumstances that influence the profitability of a decision are referred to as
A) strategies.
B) a payoff matrix.
C) states of nature.
D) the marginal utility of money.

Question

Quizplus · Accepted Answer

States of nature refer to the various conditions or circumstances that can affect the outcome of a decision, but are beyond the control of the decision-maker. These can include economic conditions, weather, actions of competitors, and other external factors that influence the profitability or outcome of a decision.

Circumstances That Influence the Profitability of a Decision Are Referred