Since consumers rarely have the resources, especially time, to weigh every possible factor into a decision, they often happily settle for a solution that is just good enough. This is known as:
A) bounded rationality.
B) reality.
C) incidental shopping.
D) sufficiency theory.

Question

Quizplus · Accepted Answer

Bounded rationality is the concept that in decision-making, individuals are limited by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make a decision. Therefore, they opt for a solution that is "good enough" rather than the optimal one.

Since Consumers Rarely Have the Resources, Especially Time, to Weigh