Refer to Table 18-1. Suppose a series of votes are taken in which each pair of alternatives is considered in turn. The first pair considered is between subsidies for education and research on Alzheimer's
The second pair considered is between Alzheimer's research and increased border security. The third pair considered is between education subsidies and increased border security. In this case, the collective preferences of the voters
A) turn out to be transitive and will yield a consistent outcome.
B) turn out not to be transitive but will yield a consistent outcome.
C) turn out not to be transitive and will not result in a consistent outcome.
D) turn out to be transitive but will not result in a consistent outcome.
C
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Compared to a single-price monopoly, a perfectly competitive market with the same costs produces ________ output and has a ________ price
A) less; lower B) less; higher C) more; lower D) more; higher
Pa and Pb represent the prices that citizens (a) and (b), the only two people in this nation, are willing to pay for additional units of a quantity (Qc) of the public good. Qs represents the quantity of the public good supplied by government at each of the collective prices.QcPaPbQs1$4$552344324342325121Refer to the above information. If the collective willingness to pay for an additional unit of this public good is $6, then the collective quantity demanded will be:
A. 2 units and the socially optimal quantity supplied will be 4 units. B. 4 units and the socially optimal quantity supplied will be 2 units. C. 3 units and the socially optimal quantity supplied will be 3 units. D. 1 unit and the socially optimal quantity supplied will be 5 units.
In Table 9.3, Market 2 would be in equilibrium if buyers believed plums account for:
A. about 16.67% of the market. B. about 33.33% of the market. C. about 66.67% of the market. D. about 88.89% of the market.
________ initiates action against antitrust law violators and decides which cases to prosecute.
A. The Antitrust Division of the Justice Department B. Federal Utility Commission C. Federal Trade Commission D. Interstate Commerce Commission