Which of the Following Is an Example of Bounded Rationality

question 104

Multiple Choice

Which of the following is an example of bounded rationality?

• A) Ann proofreads her term paper six times.
• B) Mary feels that she has studied enough to make an A+ on her economics exam but studies another two hours just to be sure.
• C) Tim studies only an hour on the morning of his economics exam because he is satisfied just to make a passing grade.
• D) Terry does his economics homework twice to be sure that he has a thorough understanding of the topic.

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Definitions:

Distinct Product Lines

A range of different products offered by a company, often categorized to cater to various consumer needs or preferences.

Brand Awareness

The degree to which a brand's image or qualities are known by consumers.

Straight Shot

Direct or undeviating route or course.

Brand Association

The mental links that consumers make between a brand and its key product attributes; can involve a logo, slogan, or famous personality.