When a person makes a quick decision without taking the time to compare the opportunity cost of all possible options,he or she is using:

Question

Quizplus · Accepted Answer

Bounded rationality refers to the idea that in decision-making, individuals are limited by the information they have, their cognitive limitations, and the finite amount of time they have to make a decision. Thus, when a person makes a quick decision without thoroughly comparing all possible options, they are operating under bounded rationality, acknowledging that they cannot process every possible outcome or option due to these limitations.

When a Person Makes a Quick Decision Without Taking the Time