Suppose Joan buys a new refrigerator to replace her old one that suddenly quit working.If Joan buys the model on closeout sale and doesn't take time to do research on repair records and energy efficiency of various other models,she is using:

Question

Quizplus · Accepted Answer

Joan is using bounded rationality because she is making a decision based on limited information and without thoroughly researching her options. She is accepting the first available option that meets her immediate need.

Suppose Joan Buys a New Refrigerator to Replace Her Old