ECONOMICS

Detailed explanation-1: -♣ Which term best characterizes a decision that has bounded rationality? Just good enough. Satisfice. •Accept solutions that are “good enough, ” rather than spend time and other resources trying to maximize. •

Detailed explanation-2: -What is Bounded Rationality? Bounded rationality is a human decision-making process in which we attempt to satisfice, rather than optimize. In other words, we seek a decision that will be good enough, rather than the best possible decision.

Detailed explanation-3: -B) Economic decision-makers are capable of making rational decisions within the limits of factors such as mental capacity and time available to make the decision. Yes, this correctly describes the concept of bounded rationality.

Detailed explanation-4: -Which of the following characteristics relates to bounded rationality? be more logical and rational. What term is based on the idea that certain individuals or groups will be able to influence others to achieve their goals?