__________ indicates that decisions are rational only within the boundaries defined by the available information.
A)Bounded rationality.
B)Available rationality.
C)Limited decision making.
D)Classical decision making.
E)Optimal rationality.

Question

Quizplus · Accepted Answer

Bounded rationality is the concept that decisions are rational within the limits or boundaries of the available information. It recognizes that individuals have limited cognitive abilities, time, and resources to make decisions, which often leads to a satisfactory rather than optimal solution. The other options are not correct because they do not accurately describe the concept of rational decision making.

__________ Indicates That Decisions Are Rational Only Within the Boundaries