What Do We Mean by Bounded Rationality

What do we mean by bounded rationality?

A) Consumers are inherently irrational and this limits their ability to make effective decisions.
B) The ability for a consumer to be rational is bounded by the situation in which the consumer finds himself.
C) Consumers are prevented from acting rationally, as they use past experiences to inform their decisions.
D) Consumers are limited by time in decision making so consumers cannot always be rational.