In which of the following situations is the political process likely to result in the inefficient and wasteful use of resources?
a. when the benefits are concentrated and the costs are concentrated
b. when the benefits are concentrated and the costs widespread
c. when the benefits are widespread and the costs are concentrated
d. when the benefits are widespread and the costs are widespread
B
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Which of the following is true of protectionism?
A) It lowers prices for domestic consumers and increases social surplus. B) It increases prices for domestic consumers and also increases social surplus. C) It increases prices for domestic consumers and lowers social surplus. D) It lowers prices for domestic consumers and also reduces social surplus.
Describe the effect of the loss of biodiversity on productivity and health
What will be an ideal response?
When demand is ____ a percentage change in ____ is exactly offset by the same percentage change in ____ demanded, the net result being a constant total consumer expenditure
a. elastic; price; quantity b. unit elastic; price; quantity c. inelastic; quantity; price d. inelastic; price; quantity e. none of the above
If the marginal cost of hiring another worker to produce sandwiches is $4 per sandwich, and sandwiches sell for $5 each, then:
A. another worker should be hired. B. another worker should not be hired. C. two more workers should be hired. D. Cannot answer this without more information.