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Rachael Would Like to Shop Around Comprehensively for Her Car

question 117

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Rachael would like to shop around comprehensively for her car insurance this year.However she is very busy at work,so instead of searching more exstensively she simply does a quick check on 3 well-known options and chooses one.According to Herbert Simon,this is known as what?


Definitions:

ITQs

Individual Transferable Quotas, a system used in fisheries management that allocates a certain quantity of fish that can be caught by each fisherman or company.

Efficient Use

Utilization of resources in a way that maximizes the output or benefits while minimizing waste, costs, or inefficiencies.

Own Quotas

Quantitative limits assigned to an individual or company regarding the amount of a particular good that can be produced, imported, or acquired, often used for regulation or protectionist purposes.

Overexploited

A condition where natural resources are consumed at a rate faster than they can replenish, leading to depletion or significant ecological damage.

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