The Table Below Shows the Total Utility Associated with Various

Multiple Choice

The table below shows the total utility associated with various units of goods X and Y.Table 7.5

-_____ is the understanding that perfect information is not likely to be available, and that as a result, people make decisions that in hindsight look irrational, but in reality are the rational results of a brain that is economizing.

A) Reasoning
B) Parametric determinism
C) Rational ignorance
D) Bounded rationality
E) Dynamic inconsistency