The Decision Not to Acquire Information Because the Cost of Acquiring

question 62

Multiple Choice

The decision not to acquire information because the cost of acquiring the information exceeds the expected benefit from the information is known as

• A) public choice theory.
• B) the principle of minimum differentiation.
• C) inefficient provision.
• D) rational ignorance.

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Definitions:

Experimental Group

In research, the group of participants exposed to the variable or condition being tested to observe its effects.

Random Assignment

A method in experimental design where participants are allocated to different groups or conditions by chance, minimizing biases.

Blind Observations

An experimental technique where the observers or experimenters do not know the specific conditions being applied to the subjects, to reduce bias.

Independent Variable

A variable that is manipulated or controlled in an experiment to test its effects on the dependent variable.