SIXTH RULE OF IGNORANCE: The sixth of seven basic rules of the economy. It is a fact of life that obtaining information is a costly activity, it requires resources that have alternative uses. As such, no one knows everything and everyone is ignorant about something. I might know a lot about economics, but you can recite every line of every episode of "Gilligan's Island", and that weird-looking guy you bumped into at the store has a detailed account of everything you've done for the past five years.

     See also | seven rules | economy | information | opportunity cost | scarcity | rational ignorance | adverse selection | moral hazard | advertising |

SIXTH RULE OF IGNORANCE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 18, 2025].

Additional information on this term can be found at:

WEB*pedia: sixth rule of ignorance

Back to the GLOSS*arama

The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopolistically competitive firm average revenue is greater than marginal revenue. Average revenue for a monopolistically competitive firm is often depicted by a negatively-sloped average revenue curve.

Complete Entry | Visit the WEB*pedia

Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for mail order catalogs with hidden messages.
Your Complete Scope

This isn't me! What am I?

-- Larry Bird, basketball player

User Feedback