The Decision Not to Acquire Information Because the Cost of Acquiring

question 139

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

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Definitions:

Management History

The study and examination of historical developments and practices in the field of management over time.

Management Thought

Refers to the theories and principles that guide the practices and decisions of managers in organizational settings.

Scientific Management

An approach to management focused on optimizing work processes and productivity through empirical methods and time-and-motion studies.

Specialization

The process of focusing on and becoming an expert in a particular area of knowledge, skill, or activity.