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Rational ignorance is when: (1 pt
Rational ignorance is when: (1 pt.; CHOOSE ONE)
A. full information is not available.
B. the benefit of becoming fully informed is lower than the cost.
C. the cost of information is low.
D. there is no benefit to gathering additional information.
Expert Solution
B. the benefit of becoming fully informed is lower than the cost.
Acquisition of information often involves costs. Therefore, individuals have to analyze the benefits of getting information versus the costs. In case the cost of obtaining information surpasses the benefits to be attained from information, then it is rational to remain ignorant. This is the basis of the economic concept of rational ignorance.
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