Economists refer to the lack of incentive that voters have to search for and obtain information to help make better political choices as the
a. shortsightedness effect.
b. public-interest effect.
c. free rider problem.
d. rational-ignorance effect.
D
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Suppose a perfectly competitive constant-cost industry is in long-run equilibrium when market demand suddenly increases. What would probably happen to a firm in this industry in the long run?
a. It would experience no change for the original equilibrium b. It would experience a higher equilibrium price c. It would experience a lower equilibrium price d. It would experience the same equilibrium price but would reduce its output e. It would experience higher average total costs and would reduce its output
The two traumatic events which disrupted China's economic development in the late 1950s and mid-1960s were the _________________________ and the _________________________.
Fill in the blank(s) with the appropriate word(s).
A monopsony
A. Is a market in which there is a only one buyer. B. Occurs when buyers have declining long-run average costs. C. Is a market in which there is a single seller. D. Occurs when sellers have declining long-run average costs.
With voluntary exchange, a buyer and seller agree to do business together
a. only for the benefit of the seller b. only for the benefit of the buyer c. for the mutual benefit of both d. for the benefit of neither