In the Decision- Making Process Known as Bounded Rationality

question 74

Multiple Choice

In the decision- making process known as bounded rationality,

• A)the final choice minimizes economic payoff.
• B)all "good enough" choices are selected.
• C)the first choice that is "good enough" is chosen.
• D)the final choice maximizes economic payoff.

---

Definitions:

Functional Fixedness

Functional Fixedness is a cognitive bias that limits a person's ability to use an object only in the way it is traditionally used, inhibiting creativity.

Chess Masters

Individuals who have achieved a high level of skill in the game of chess, often demonstrated through high ratings or titles awarded by chess federations.

Novice Players

Individuals who are beginners or have little experience in a particular activity or field.

Mental Set

is a tendency to approach situations in a certain way because that method worked in the past.