Frank Knight said that profit

Name: Frank Knight said that profit
Brand: Quizplus
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Question

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Frank Knight is famous for distinguishing between risk (where probabilities are known) and uncertainty (where probabilities cannot be predicted reliably). He argued that true profit arises under conditions of uncertainty, not just risk, because it is in these situations that entrepreneurs exercise judgment that cannot be insured against or capitalized into the cost structure of production.

Frank Knight Said That Profit