The below figure shows the various combinations of the goods X and Y that yield different levels of utility.Figure 7.3

-The theory of bounded rationality states that it is likely for consumers to have perfect information.

Question

The below figure shows the various combinations of the goods X and Y that yield different levels of utility.Figure 7.3
 
-The theory of bounded rationality states that it is likely for consumers to have perfect information.

Quizplus · Accepted Answer

The theory of bounded rationality recognizes that consumers have limitations in gathering and processing information, and therefore cannot have perfect information.

The Below Figure Shows the Various Combinations of the Goods