According to rent-seeking theory, which group is most likely to benefit from representative democracy?
a. consumers
b. taxpayers
c. the poor
d. children
e. lawyers
E
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Over half of government spending is discretionary spending
Indicate whether the statement is true or false
Frozen Paws wants to prevent Happy Paws from entering the pet frozen treat market. If Frozen Paws expands its capacity, the expansion can lead to all of the following except which one?
A) increase Frozen Paws' profit-maximizing quantity B) decrease Frozen Paws' marginal cost C) increase Frozen Paws' profit-maximizing price D) decrease Happy Paws' profit from entering the market
Studies indicate that the demand for fresh tomatoes is much more elastic than the demand for salt. These findings reflect that
a. tomatoes are a necessity while salt is a luxury. b. it takes longer for consumers to adjust to a change in the price of salt than to a change in the price of tomatoes. c. salt will not spoil as easily as fresh tomatoes. d. more good substitutes exist for fresh tomatoes than for salt.
At consumer equilibrium, the number of utils per dollar of two different products is ______.
a. one b. zero c. equal d. variable