Some People Make Purchases Without Complete Information Because

question 68

Multiple Choice

Some people make purchases without complete information because:

• A) they are irrational.
• B) the opportunity cost of getting more information outweighs the benefit of having more information.
• C) the benefit of having more information outweighs the opportunity cost of acquiring it.
• D) No one makes purchases without complete information.

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Definitions:

Eligibility

The state of being qualified or suitable for a certain purpose or conditions.

Officially Considered

A status or perspective that is recognized or acknowledged by authoritative or formal entities.

Implicit Marginal Tax Rate

The rate at which future benefits decrease as an individual’s income increases due to the phasing out of assistance or benefits.

Marginal Income Tax Rate

The rate at which the last dollar of a person's income is taxed, reflecting the incremental tax paid on incremental income.