Because of bounded rationality, people ______. a. Have limited information processing capabilities. b. May satisfice rather than

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Because of bounded rationality, people ______.

a. Have limited information processing capabilities.

b. May “satisfice” rather than trying to accurately calculate the best decision.

c. May use rules of thumb as mental shortcuts to making decisions that may be nonoptimal.

d. All of these.

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Exploring Economics

ISBN: 9781544336329

8th Edition

Authors: Robert L. Sexton

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