A Satisficing Decision Maker ________

question 53

Multiple Choice

A satisficing decision maker ________.

• A) looks for complete information
• B) seeks solutions that are satisfactory and sufficient
• C) identifies all the relevant options to solutions
• D) analyzes all options in an unbiased manner
• E) chooses the option with the highest utility

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Definitions:

Worth

The value or importance of something, often measured in terms of money or utility.

Marginal Utility

The additional satisfaction or utility received by a consumer from consuming one more unit of a good or service.

Consumer Surplus

The divergence between the sum consumers are prepared and financially capable to pay for a good or service and the sum they actually disburse.

Marginal Utility

The extra pleasure or benefit received from using an additional unit of a product or service.