Which of the following is considered to be a cost of information?
A)The price of the commodity for which information is collected.
B)The time spent to collect the information.
C)The difference in price charged by different sellers for the same commodity.
D)The difference in price paid by different buyers for the same commodity.

Question

Quizplus · Accepted Answer

The cost of information refers to the resources (such as time, money, and effort) expended to acquire information. Option A refers to the actual cost of the commodity, not the cost of information. Options C and D refer to differences in price, which are consequences of information but not costs of information themselves. Therefore, option B is the correct answer.

Which of the Following Is Considered to Be a Cost