The special-interest effect is significant because:
A. It corrects instances of spillover costs and benefits
B. It can contribute to economic inefficiency in the public sector
C. Capitalistic economies are based upon the pursuit of self-interest
D. It causes quantity demanded to equal quantity supplied in competitive markets
B. It can contribute to economic inefficiency in the public sector
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Refer to the above table. The table represents information on the costs for Ajax Corporation. Ajax operates in a perfectly competitive market and the price of the product is $10. What does total revenue equal when quantity equals 4?
A) $4 B) $6 C) $36 D) $40
In a simple majority vote, the losses to the losers are greater than the gains to the winners. It follows that the
A) outcome of the vote is efficient. B) outcome of the vote is inefficient. C) outcome of the vote will be nullified (most likely by the Courts). D) vote has generated net benefits. E) none of the above
The table below shows cost data for a firm that is selling in a purely competitive market.OutputAFCAVCATCMC1$300$100$400$1002150752255031007017060475731488056080140110650901401407431031461808381191562309331381712901030160190360Refer to the above table. If the market price for the firm's product is $70, the competitive firm will:
A. produce one unit. B. produce two units. C. produce three units. D. shut down.
If the number of people with the skills necessary to perform a job decreases, labor ________ shifts to the ________.
A. demand; left B. demand; right C. supply; left D. supply; right