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      Question

      The bounded rationality model can be used in the

      following situations except when __________
      A The minimum criteria are clear Correct Answer Incorrect Answer
      B You have less time to invest to make the decision Correct Answer Incorrect Answer
      C You are not trying to maximize your outcome Correct Answer Incorrect Answer
      D Information on alternatives can be gathered and clearly quantified Correct Answer Incorrect Answer
      E None of the above Correct Answer Incorrect Answer

      Solution

      The  bounded rationality model of decision making recognizes the limitations of our decision-making processes. According to this model, individuals knowingly limit their options to a manageable set and choose the first acceptable alternative without conducting an exhaustive search for alternatives.  When information on alternatives can be gathered and quantified, a rational decision-making model is used so as to maximize the quality of their outcomes.

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