Which of the following was illustrated by the majority voting decisions witnessed during the Great Depression?
(a) If the U.S. wants to get the most from its resources, the pricing of goods and allocation of investment should be decided by majority voting.
(b) In a representative democracy, majority voting will assure that approved projects are productive.
(c) There are good reasons to expect that majority voting will sometimes result in the approval of projects that are inefficient.
(d) Private firms can force their customers to pay for products they produce, but the government cannot do so.
(c)
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If there are no unexploited opportunities for individuals in a particular market, then one can conclude that:
A. the market is in equilibrium. B. government regulation has been successful. C. a socially optimal outcome has been achieved. D. the market is not in equilibrium.
Discrimination can come from many groups of people, including employers and fellow employees.
Answer the following statement true (T) or false (F)
Suppose Chris is a potter who makes mugs. His total costs depend on the number of mugs he makes each day, as shown in the accompanying table.Number of Mugs Per DayTotal Cost Per Day0$101$142$193$254$325$406$49 When Chris produces 5 mugs per day, his average variable cost is ________.
A. $30 B. $6 C. $40 D. $8
A dominant strategy is one that always produces the maximum profits for both firms.
Answer the following statement true (T) or false (F)