A situation in which a decision maker must choose between strategies that have more than one possible outcome when the probability of each outcome is unknown is referred to as
A) diversification.
B) certainty.
C) risk.
D) uncertainty.

Question

Quizplus · Accepted Answer

Uncertainty refers to situations where the outcomes of decisions are unknown and cannot be assigned specific probabilities. This contrasts with risk, where probabilities can be assigned to different outcomes.

A Situation in Which a Decision Maker Must Choose Between