Whenever consumers make decisions without perfect information,the decision reflects
A) perfect rationality.
B) perfect irrationality.
C) bounded rationality.
D) unbounded rationality.
E) confounded rationality.

Question

Quizplus · Accepted Answer

Bounded rationality refers to decision-making that is made with limited information and cognitive resources. It is a more realistic approach than expecting perfect rationality (A) or perfect irrationality (B). Unbounded rationality (D) and confounded rationality (E) are not commonly recognized concepts in decision-making theories.

Whenever Consumers Make Decisions Without Perfect Information,the Decision Reflects