In the Context of Human Compromises in Decision Making, Which

question 79

Multiple Choice

In the context of human compromises in decision making, which of the following statements is true of bounded rationality?

• A) It occurs when a decision maker tends to select an alternative that he or she has tried before and that has delivered acceptable results.
• B) It occurs when a decision maker settles for an alternative that he or she considers good enough because other limitations make finding the best alternative impossible.
• C) It occurs when a decision maker relies on his or her intuition and gut instincts while analyzing alternatives instead of collecting impartial data.
• D) It occurs when a decision maker assumes that everyone around sees things the way he or she does.

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Definitions:

Good and Valid

A legal term indicating that a document, agreement, or transaction is legally sound and effectively in place.

Inconsistent Warranties

Warranties that offer conflicting guarantees or statements about a product, leading to confusion about coverage.

Render Invalid

To make something null and void or to deprive it of legal force.

Construed

Interpreted or understood in a particular way, often referring to the way words or actions are perceived or legally interpreted.