If decision makers have limited ability to calculate profits from all possible combinations of options, they are said to have
A) dementia.
B) bounded rationality.
C) Pareto inefficiency.
D) a maximin problem.
B
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In a hypothetical country, the average wage of five 40-year-old citizens with college education is $36,896, and the average wage of five 40-year-old citizens with high school education is $25,864
What is the returns-to-college education in the country? Is there any limitation of this analysis? Explain your answer.
Economists speaking like scientists make
a. normative statements. b. prescriptive statements. c. claims about how the world is. d. claims about how the world should be.
The above figure shows the U.S. market for flip-flops. With international trade, the United States imports ________ flip-flops
A) 400,000 B) 0 because the United States exports flip-flops C) 700,000 D) 300,000 E) 500,000
The marginal propensity to consume is the proportion of each new dollar's worth of income that is spent
Indicate whether the statement is true or false