Which of the following statements is not true about the assumption of the ration
ID: 430329 • Letter: W
Question
Which of the following statements is not true about the assumption of the rational decision-making approach?
decision makers have complete information
decision makers are objective
decision makers are systematic in their approach to decisions.
decision makers have bounded rationality.
all of the above are true
a.decision makers have complete information
b.decision makers are objective
c.decision makers are systematic in their approach to decisions.
d.decision makers have bounded rationality.
e.all of the above are true
Explanation / Answer
Answer: Option A - Decision makers have complete information
Explanation: The decision makers do not always have complete information in a market. Had there been complete information available with the decision makers, the market would have been efficient (prices reflecting all information available) and there would be perfect competition existing.
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