The choice to remain uninformed because the marginal cost of obtaining information is greater than the marginal benefit from knowing it:
A) is not rational.
B) is referred to as rational ignorance.
C) illustrates why choices must be made collectively, rather than by individuals who possess incomplete information.
D) has little effect on the outcome of a decision since the information is so costly that most other people are also uninformed.

Question

Quizplus · Accepted Answer

Rational ignorance occurs when the cost of gathering information exceeds the benefit that the information would provide, leading individuals to opt not to seek out that information. This is considered a rational decision-making process in economics and political science.

The Choice to Remain Uninformed Because the Marginal Cost of Obtaining