The most likely reason politicians don't appear to economists to look at policy issues in a cost/benefit framework is that:
A. politicians are focusing on the long-run effects of policies rather than the short-run effects.
B. politicians don't make rational decisions.
C. politicians are not economists.
D. the marginal costs and marginal benefits facing the politician are not necessarily the ones facing society.
Answer: D
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A competitive firm sells 500 units of output and its marginal revenue at 500 units of output is $35 . The firm's total revenue amounts to __________
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A. fixed costs decrease. B. total costs stay the same. C. variable costs decrease. D. None of these is true.
If a restaurant in an integrated community has an entirely white wait-staff, economists suggest it is
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