Which of the Following Is the Best Example of the Phenomenon

question 52

Multiple Choice

Which of the following is the best example of the phenomenon of "rational ignorance"?

• A)The ignorance of most voters with regard to the position of the economy's production possibilities boundary.
• B)Consumers are unaware of the quantity supplied by producers,and producers are unaware of the quantity demanded by consumers.
• C)The ignorance of a profit- maximizing firm on the location and shape of its long- run average cost curve,which is extremely difficult to determine.
• D)You choose not to become informed about an important government policy because the benefits of doing so are outweighed by the costs of doing so.
• E)The theory of perfect competition assumes that consumers have full knowledge of all prices,while in reality they know the prices of only the goods and services they purchase.

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Definitions:

Competence

The ability to perform a task or job effectively, demonstrating the necessary skill, knowledge, and capability.

Skills Necessary

Relates to the essential abilities or competences required to perform a specific task or job effectively.

Situational Leadership

A leadership style that proposes the effectiveness of a leader is dependent on their ability to adapt their style to the competency and commitment level of the followers they are trying to influence.

Behaviors

Actions or reactions of an individual or group in response to external or internal stimuli.