Question: 4 5 . Decision making with probabilities would be used in which of the following situations? You must choose between alternatives and know the likelihood

45 .

Decision making with probabilities would be used in which of the following situations?

You must choose between alternatives and know the likelihood of the states of nature that affect the payoff of those alternatives

You must choose between alternatives but don't know the likelihood of the states of nature that affect the payoff of those alternatives

You must choose between alternatives and know the likelihood of the states of nature that affect the payoff of those alternatives, but you don't know the payoff

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