⚡ Month End Offer is live - Get Flat 55% Off on All Courses • Grab it Now! Click Here 00:00:00 AM ⚡

    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.

    Practice Next
    More Eligibility Criteria Based Questions

    Relevant for Exams:

    ask-question