A Decision That Chooses the First Satisfactory Alternative That Is

question 82

Multiple Choice

A decision that chooses the first satisfactory alternative that is presented is called a(n) __________ decision.

• A) optimizing
• B) reasonable
• C) satisficing
• D) classical

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Definitions:

Demand Curve

A graphical representation showing the relationship between the quantity of a good consumers are willing and able to purchase and its price.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that suppliers are willing to offer for sale.

Consumer Surplus

The imbalance between the funds consumers are willing to dedicate to a good or service and the funds they actually dedicate.

Consumer Surplus

The discrepancy in the total spend consumers are willing to shoulder for a product or service as opposed to what they actually disburse.