Public choice refers to
A) the decisions and decision-making processes that individuals go through to solve public problems.
B) political decisions made in the interest of the public at large.
C) the application of economic principles and tools to public-sector decision making.
D) the process that individuals undergo to decide what goods and services they will purchase and consume.
E) the process that individuals undergo to decide whether or not they will pursue a career government service.
C
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When marginal cost pricing occurs
A) price equals the additional cost society incurs in producing the next unit of an item. B) the firm can only break even if it does not set price to marginal cost. C) price equals average variable cost but exceeds average total cost. D) the firm is at the shutdown point.
Answer the following statements true (T) or false (F)
1) In 2017, the Federal Trade Commission required firms to report any merger involving assets that exceeded $80.8 million. 2) Typically, antitrust agencies closely examine vertical mergers and horizontal mergers receive much less scrutiny. 3) It is possible for a horizontal merger to increase the total surplus in the market. 4) When considering the legality of a horizontal merger, U.S. antitrust agencies tend to emphasize the importance of consumer surplus rather than total surplus. 5) The basic goal of identifying a product market is for antitrust agencies to determine the products that consumers consider close substitutes.
In order for a voluntary agreement to be reached in general, transaction costs should be
A. determined by the Environmental Protection Agency. B. low relative to expected marginal benefits of the agreement. C. infinite. D. high relative to expected marginal benefits of the agreement.
An import ban results in
A) an increase in the product's price. B) a decrease in the quantity of the product bought and sold. C) a decrease in the supply of the product. D) all of the above.