The decision not to acquire information because the cost of acquiring the information exceeds the expected benefit from the information is known as
A) rational ignorance.
B) the principle of minimum differentiation.
C) public choice theory.
D) inefficient provision.

Question

Quizplus · Accepted Answer

Rational ignorance occurs when the cost of acquiring information is greater than the expected benefit, leading individuals to decide not to obtain the information.

The Decision Not to Acquire Information Because the Cost of Acquiring