Rational Abstention Is The

question 64

Multiple Choice

Rational abstention is the:

• A) decision to become informed about public issues even if the marginal cost of obtaining information is greater than the marginal benefit.
• B) decision not to vote in an election because the marginal cost is greater than the marginal benefit.
• C) production of goods that are not subject to the exclusion principle and are nonrival in consumption.
• D) efforts by individuals or firms to receive benefits, usually through political means, that they would not otherwise receive.

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Definitions:

Variable Cost

Costs that change in proportion to the level of goods or services that a business produces.

Marginal Product

The additional output that is generated by employing one more unit of a specific factor of production while holding other factors constant.

Labor

Employing human mental and physical work in generating services and manufacturing goods.

Workers

Individuals engaged in any form of economic activity or labor, typically for the purpose of earning wages or salary.