The Marginal Benefit of Acquiring Additional Information Tends to

question 56

Multiple Choice

The marginal benefit of acquiring additional information tends to

• A)be zero if the marginal cost of information is zero
• B)increase and then decrease as additional information is obtained
• C)be smaller, the smaller the quantity of information the individual already has obtained
• D)increase as additional information is obtained
• E)decrease as additional information is obtained

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Definitions:

Redemptioners

Immigrants, particularly in the 18th and 19th centuries, who signed contracts to work in America for a period in exchange for their passage being paid.

Cadwallader Colden

An 18th-century Scottish physician, scientist, and lieutenant governor of New York known for his work in botany and colonial administration.

Junto

A political or literary club or group, especially one formed for mutual improvement or the exchange of ideas.

Task Labor System

A system of labor, typically associated with slavery in the American South, where slaves were assigned specific tasks to complete each day, as opposed to working from sunrise to sunset.