One Shortcut in Judgment That May Weaken the Decision-Making Process

question 72

Multiple Choice

One shortcut in judgment that may weaken the decision-making process is in a specific situation is

• A)optimalities.
• B)escalations.
• C)hindsight bias.
• D)randomness error.
• E)synectics.

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Definitions:

Marginal Utility

The added pleasure or benefit received from consuming an additional unit of a good or service.

Money Income

The total amount of monetary earnings received by an individual or household, including wages, salaries, and other forms of income.

Satisfaction Maximization

The process of optimizing decisions or actions to achieve the highest level of satisfaction or utility.

Consumer Behavior

Consumer behavior is the study of how individuals make decisions to spend their resources on consumption-related items, including what, why, and how they buy.