When majority rule voting is used to determine whether to purchase a public good,
A) the efficient outcome is not assured.
B) the median voter gets her way.
C) the sum of the marginal benefits is ignored.
D) All of the above.
D
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What is an example of general job training?
A. reading a book on techniques for managing large groups of workers involved on team projects B. learning how to weld C. learning how to use a forklift D. attending an industry convention on "best practices" E. All of these are examples of general job training.
An increase in the number of consumers in a market would cause
A) an increase in quantity demanded. B) an increase in quantity supplied. C) an increase in demand. D) an increase in supply.
Give five examples of industries that are monopolistically competitive.
What will be an ideal response?
Consider an industry with two firms producing similar products. Each firm's total cost (in dollars) is given below. Mega Corp: TC = 5,000 + 100Q Big Inc: TC = 4,000 + 200Q For both firms, average total cost:
A. declines as quantity increases. B. declines as quantity increases for Mega Corp and increases as quantity increases for Big Inc. C. increases as quantity increases. D. is constant for all quantities.