Herbert Simon Suggested That People Are Not Rational Maximizers but Satisficers

question 202

Multiple Choice

Herbert Simon suggested that people are not rational maximizers but satisficers, meaning that they choose a course of action that is

• A)personally satisfying, with a greater emphasis on personal consumption than on fairness.
• B)socially satisfying, with a greater emphasis on fairness than on personal consumption.
• C)good enough.
• D)risk averse.

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Definitions:

AC Generator

A machine that converts mechanical energy into alternating current electrical energy.

DC Motor

An electric motor that runs on direct current electricity, widely used in various applications due to its simplicity and ease of control.

Magnetic Fields

Invisible fields produced by electrically charged objects, affecting the behavior of charged objects in the vicinity.

Valve-Regulated Lead-Acid

A type of lead-acid battery that is sealed, using valves to control gas release and prevent water loss, often used in portable and backup applications.