Rational Ignorance

question 162

Multiple Choice

Rational ignorance

• A)explains why consumers ignore sunk costs when they vote.
• B)explains the Arrow impossibility theorem.
• C)refers to attempts by special interests to use government action to make themselves better off at the expense of others.
• D)helps to explain why rent seeking by special interest groups occurs.

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Definitions:

Conflict

A situation or process in which there is a disagreement, opposition, or clash between ideas, interests, or parties.

Formal Group

A group formed by an organization to accomplish specific tasks or objectives, characterized by structured roles, responsibilities, and processes.

Building Trust

The development of confidence and reliability in relationships, fostering a sense of security and expectations of positive actions.

Approachable

Being easy to speak to or approach, creating an environment where people feel comfortable to communicate openly.