According to the concept of bounded rationality,decision makers __________.
A)will choose the best response to a situation
B)will choose a response that is good enough to meet some minimal criteria
C)use historical analogies in responding to a situation
D)make choices within the boundaries established by groups within the government

Question

Quizplus · Accepted Answer

Bounded rationality suggests that decision makers do not always have the time or resources to gather and analyze all available information when making decisions. Therefore, they settle for a decision that meets some minimal criteria or is "good enough" rather than trying to find the absolute best response. This approach helps decision makers to make quicker decisions and take action more efficiently. Therefore, choice B is the best answer. The other choices are not accurate descriptions of the concept of bounded rationality.

According to the Concept of Bounded Rationality,decision Makers __________