Herbert Simon Suggested That People Are Not Rational Maximizers but Satisficers

question 202

Multiple Choice

Herbert Simon suggested that people are not rational maximizers but satisficers, meaning that they choose a course of action that is

• A)personally satisfying, with a greater emphasis on personal consumption than on fairness.
• B)socially satisfying, with a greater emphasis on fairness than on personal consumption.
• C)good enough.
• D)risk averse.

---

Definitions:

Bricks And Mortar

Traditional physical retail stores, as opposed to online or virtual stores.

Physical Products

Tangible items or goods that are manufactured, sold, and used in commerce, as opposed to digital or virtual products.

Online Sales

Transactions that occur on the internet where buyers purchase goods or services from sellers over digital platforms.

Retail Store

A physical or digital establishment that sells goods directly to the public for personal or household consumption.