Which of the Following Statements BEST Reflects the Concept of Bounded

question 70

Multiple Choice

Which of the following statements BEST reflects the concept of bounded rationality?

• A) Most consumers make irrational purchasing decisions.
• B) The rise of online communications technologies means that almost anyone can acquire near perfect information about brands and product categories.
• C) Buyers are always looking for shortcuts to minimise the time and effort involved in making purchase decisions.
• D) Most people make decisions with limited information and have a limited ability to collect and process information.
• E) Buyers make the best possible decisions with the limited information they have.

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Definitions:

Dissimilar Attitudes

describes attitudes or opinions that significantly differ between individuals or groups, often leading to disagreement or conflict.

Group Formation

The process by which individuals come together to form a group, influenced by factors like common interests, goals, or social connections.

Familiarity Breeds Contempt

A principle suggesting excessive familiarity with someone leads to loss of respect for them.

Opposites Attract

A popular belief that individuals with differing personalities, traits, or interests are more likely to be attracted to each other, contributing to complementary partnerships.