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In the figure given below D1 and S1 are the initial demand and supply curves for a commodity in the market.
Figure 3.3
-Refer to Figure 3.3. If the change in the demand in this market occurred before the change in supply, then starting from the initial equilibrium:
Bounded Rationality
A concept suggesting that the cognitive limitations of the mind, and the finite amount of time available, limit human decision-making capabilities.
Limited Information
A situation where decision-makers do not have access to all the data or facts needed to make an informed decision.
Satisficing
A decision-making strategy that aims for a satisfactory or adequate result, rather than the optimal solution, due to constraints like time or information.
Decision-Making Process
The steps or stages involved in choosing a course of action from several alternatives, typically involving problem identification, analysis, and the selection of the best solution.
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