The Concept That People Have the Time and Cognitive Ability

question 90

Multiple Choice

The concept that people have the time and cognitive ability to process only a limited amount of information on which to base decisions is known as:

• A) satisficing.
• B) bounded rationality.
• C) classical model of decision making.
• D) normative approach.
• E) scientific approach.

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Definitions:

Payments

The transfer of money, goods, or services from one party to another as fulfillment of an obligation or settlement of a debt.

Plan

A detailed proposal for doing or achieving something, often outlining objectives, strategies, and actions.

Estopped

A principle that prevents a person from denying or asserting anything to the contrary of that which has been, in the context of the facts of the case, established as the truth.

Agency Relationship

A legal arrangement in which one party (the agent) acts on behalf of another party (the principal).