Ignorance Is Rational When the Benefits of Being Informed Are

question 55

Multiple Choice

Ignorance is rational when the benefits of being informed are:

• A)greater than the costs of becoming informed.
• B)less than the costs of becoming informed.(True Answer )Correct
• C)equal to the costs of becoming informed.
• D)likely to be quite large but information is costless.

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Definitions:

Unilateral Contract

A contract where one party makes a promise in exchange for an act by another party, which upon performance, binds the first party to its promise.

Promissory Estoppel

A law that stops someone from going back on a commitment they've made to another if the second party has trusted this promise to their own disadvantage.

Promissory Estoppel

A judicial doctrine that forbids a party from revoking an assurance given to another party if the recipient has legitimately acted on that promise to their detriment.

Quasi Contract

A legal concept where a court imposes a contractual obligation on a party who has not expressly consented to it, to prevent unjust enrichment.