When a Decision Maker Makes a Quick Decision Without Taking

question 74

Essay

When a decision maker makes a quick decision without taking the time to compare the opportunity cost of all possible options, he is using:
A.bounded rationality.
B.risk aversion.
C.loss aversion.
D.the status quo.

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Definitions:

Express Warranties

Explicit promises made by a seller to a buyer regarding the quality or nature of a product.

Disclaimed

A statement that denies responsibility, affiliation, or connection to something.

Impossibility of Performance

A legal doctrine where a party may be released from a contract due to unforeseen events making fulfillment unfeasible.

Subject Matter Destroyed

A situation where the physical or substantive basis of a case or matter has been eliminated or rendered irrecoverable.