An "optimally imperfect" decision is one that
a. is vaguely right instead of precisely wrong.
b. recognizes that the decision could always be better if given more time.
c. recognizes that the cost of additional information probably exceeds the potential gain from making a better decision.
d. recognizes that any decision is imperfect because humans have limited intellectual capacities.
c
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Unlike the market process, in the political market it is possible for some individuals to receive very large benefits from the political process without any significant impact on their tax bills
Indicate whether the statement is true or false
Economic theory indicates that the behavior of
a. government employees differs from the behavior of employees in the private sector because government employees generally disregard their own personal self-interest when making decisions. b. elected public officials differs from the behavior of all other individuals in society because they are not influenced by private interests. c. individuals when they make decisions about who to vote for is very different from the behavior of these same individuals when they make other types of choices. d. voters, government employees, and public officials is best understood by applying the same basic principle we use to predict the behavior of people in the private sector--that incentives matter.