Olson (1971) argues that the gains from private competition cannot be exceeded by the gains from collective action
Indicate whether the statement is true or false
False
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Refer to Figure 23-3. Suppose that government spending increases, shifting up the aggregate expenditure line. GDP increases from GDP1 to GDP2, and this amount is $400 billion. If the MPC is 0
75, then what is the distance between N and L or by how much did government spending change? A) $10 billion B) $100 billion C) $200 billion D) $300 billion
Income inequality is greater within nations than among nations
a. True b. False Indicate whether the statement is true or false
Suppose a firm is considering producing zero units of output. We call this shutting down in the short run and exiting an industry in the long run
a. True b. False Indicate whether the statement is true or false
If crop dusting on your farm causes your neighbors to have sore throats, then crop dusting is creating
A) only explicit costs. B) opportunity costs. C) external costs. D) internal costs.