James March and Herbert Simon Use the Term ______ to Describe

question 10

Multiple Choice

James March and Herbert Simon use the term ______ to describe how decision makers simplify the process by screening out silly options and stop searching when they come upon a satisfactory alternative, even if it is not an exhaustive search.

• A) rational
• B) externalities
• C) satisficing
• D) spillover

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Definitions:

Majority Voting

Majority voting is a voting system in which decisions are made based on the majority of votes cast, requiring more than half the votes to pass a proposal or elect a candidate.

Marginal Benefits

The extra pleasure or benefit obtained from acquiring or creating an additional unit of a product or service.

Recreation Center

A facility provided for leisure activities which may include sports fields, swimming pools, and other amenities for public use.

Marginal Costs

Refers to the increase in total production cost that arises when the quantity produced is incremented by one unit.