Rational ignorance means
A) ignorance is rationed.
B) the benefit from some information is not worth the cost of collecting it.
C) some people do not understand rationality.
D) the information is unavailable.
B
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The value of the WhatsApp Messenger to an individual user increased as more of his friends and acquaintances started using it. This is an example of a(n) ________
A) moral hazard B) adverse selection C) network externality D) negative externality
John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the table below:Hours PerDay CleaningWindowsTotal Numberof WindowsCleaned0017211314416517John's benefit from his first hour cleaning windows is:
A. $7 B. $14 C. $18 D. $2.