Toby is hunting for a new apartment.He is specifically looking for one that is located in the heart of the city and should be available for $600 per month.However,Toby is also willing to pay up to $850 per month for a place situated slightly away from the city centre.According to him,the second option "will also do." This is an example of ________.
A)experience-based decision making
B)rational decision making
C)bounded rationality
D)intuitive decision making

Question

Quizplus · Accepted Answer

This is an example of bounded rationality, where Toby has set certain constraints and is willing to settle for a second option that meets some of his criteria but not all. He is not making a fully rational decision based on all possible options, but rather making a decision within the limits of his resources and preferences.

Toby Is Hunting for a New Apartment