The optimal collective decision rule _____
a. will be 100 percent if collective decision-making costs are high
b. will be simple majority rule if external costs are extremely large
c. has declining external costs as voting rule moves from unanimity
d. is likely to be less than majority rule
c
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The domestic demand and supply for sugar are Qd = 60,000 ? 400P and QSD = 20,000 + 500P. The foreign supply is QSF = 20,000 + 100P. How many units of sugar will domestic producers supply after the quota is imposed?
A. 35,000 B. 30,000 C. 23,000 D. 58,000
If the total utility from consuming five units of a product is 245, and the marginal utility of a sixth unit is 5, then the total utility from consuming six units would be:
A. 240 B. 250 C. 49 D. 1225
According the graph shown, the profit-maximizing decision of the monopolist would be:
This graph shows the cost and revenue curves faced by a monopoly.
A. Q1, P1.
B. Q1, P3.
C. Q2, P2.
D. Q1, P2.
What is the relationship between the long-run industry supply curve and the short-run supply curve in a perfectly competitive market?