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October 15, 2018 

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RATIONAL IGNORANCE: The decision not to become informed about something because the cost of doing it is more than the expected benefit. In that information is costly, there's always some limit to how much anyone can know. The idea of rational ignorance, while popping up on a daily basis for most of us, is quite important come election time. Many voters decided, logically so, that it's not really worth their efforts to get ALL of the details on every candidate and issue on the ballot.

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SUBSTITUTE-IN-PRODUCTION: One of two goods that can replace each other in production--that is, using resources to produce one good prevents their use in the other. A substitute good is one of two alternatives falling within the other prices determinant of supply. The other is complement-in-production. An increase in the price of one substitute-in-production causes a decrease in supply of the other.

     See also | supply | other prices | production | supply curve | supply determinants | supply shock | comparative statics | substitute-in-consumption | elasticity |


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SUBSTITUTE-IN-PRODUCTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 15, 2018].


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GAME THEORY

An analysis that illustrates how the choices between two players affect the outcomes of a "game." Game theory is commonly used to explain the behavior and decision making of oligopolistic firms. It illustrates that cooperation, rather competition, between two "players" can lead to an outcome that is more beneficial to both players.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius seeking to buy either a large flower pot shaped like a Greek urn or a small palm tree that will fit on your coffee table. Be on the lookout for defective microphones.
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In the early 1900s around 300 automobile companies operated in the United States.
"Give the American people a good cause, and there's nothing they can't lick. "

-- John Wayne, actor

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