In the decision- making process known as bounded rationality,
A)the final choice minimizes economic payoff.
B)all "good enough" choices are selected.
C)the first choice that is "good enough" is chosen.
D)the final choice maximizes economic payoff.

Question

Quizplus · Accepted Answer

Bounded rationality suggests that individuals make decisions by finding an option that is satisfactory or "good enough," rather than by exhaustively searching through all possible options to find the best one. This approach acknowledges the limitations of human cognitive abilities and the constraints of available information and time.

In the Decision- Making Process Known as Bounded Rationality