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:

Explicit

Stated clearly and in detail, leaving no room for confusion or interpretation.

Implicit

Implicit refers to something that is suggested or understood without being directly expressed or stated.

Declarative Memories

Declarative memories refer to memories that can be consciously recalled, such as facts and events, and are stored in the hippocampus.

Episodic Memory

A category of enduring memory focused on recalling particular incidents, scenarios, and life moments.