Question

    Under bounded rationality, one of the limiting factors

    for making optimal decisions is information imperfection. What does information imperfection mean?
    A Incorrect information Correct Answer Incorrect Answer
    B Lack of ability to understand information Correct Answer Incorrect Answer
    C Lack of all relevant information Correct Answer Incorrect Answer
    D Lack of time to get all information Correct Answer Incorrect Answer
    E Lack of medium to analyse information Correct Answer Incorrect Answer

    Solution

    Information imperfection refers to the lack of information a consumer has. It refers to information not known to the decision maker, which if he/she was aware of, the decision would have been different.

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