Public choice theorists say that the greater the number of potential voters in an election, the __________ the perceived benefits of voting held by each voter, and so the __________ the likely percentage turnout of voters
A) greater; lower
B) greater; higher
C) smaller; lower
D) smaller; higher
C
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Answer the following statement(s) true (T) or false (F)
1. The substitution and income effects are in opposition when the price of an inferior good changes. 2. The income and substitution effect always go in opposite directions. 3. An inferior good is one that is of lower quality than a substitute. 4. When the price of a good rises, the income effect always reduces the quantity demanded of the good. 5. If the price of a non-Giffen good falls, then the income effect causes a rise in the quantity demanded.
A reduction in the price charged for luncheon specials by a downtown cafeteria will
A) affect the demand (curve) for that cafeteria's luncheons if its competitors react. B) have no effect on the demand for lunch at other downtown restaurants. C) increase the cafeteria's gross revenue from lunch business. D) increase the cafeteria's net revenue from lunch business if the demand is elastic. E) increase the cafeteria's net revenue from lunch business if the demand is inelastic.
If units of pizza are plotted on the horizontal axis, and units of hot dogs plotted on the vertical axis, and the price of a hot dog increases the
A) x-intercept and the slope of the budget line will increase. B) y-intercept and the slope of the budget line will increase. C) x-intercept and the slope of the budget line will decrease. D) y-intercept and the slope of the budget line will decrease.
A situation in which one firm's actions with respect to price, quality, advertising and related changes may be strategically countered by the reactions of one or more other firms in the industry is known as
A) strategic dependence. B) economies of scale. C) the concentration ratio. D) barriers to entry.