Which of the Following Is an Example of Satisficing Behavior

question 54

Multiple Choice

Which of the following is an example of satisficing behavior?

• A)You continue studying for your economics exam until you believe you'll get a score that's good enough.
• B)You spend time looking over the lettuce at the grocery store in order to make sure you get the best head of lettuce.
• C)You clean your room to the point where you think it's clean enough that further time can be used for more productive purposes.
• D)You carefully plan your day in order to get "the most out of life."

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Definitions:

Profit-Maximizing Equilibrium

The point at which a firm achieves the highest possible profit, where marginal cost equals marginal revenue.

Least Costly Combination

An economic principle that firms use to minimize costs while combining different factors of production to produce a given output.

Maximizing Profits

The goal of businesses to make the highest possible profit, often by increasing revenue, reducing costs, or both.

MP

No standard definition available; it could refer to "Marginal Product" in economics, which is the extra output generated by adding one more unit of input.