What is the assumption underlying public-choice theory?
A) Elected officials believe in cooperating with one another and they seek to avoid competition among themselves.
B) The costs and benefits of being efficient are the same whether one is in the private sector or in the public sector.
C) Individuals act within the political process to improve their own individual well-being.
D) Resources in the public sector are not scarce.
C
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The table below shows the weekly demand for hamburgers in a market where there are just three buyers.PriceQuantity Demanded by Buyer 1Quantity Demanded by Buyer 2Quantity Demanded by Buyer 3$6746597841510123211516Refer to the table. If the price of a hamburger decreases from $6 to $5, then the weekly market quantity demanded will
A. increase from 17 to 24. B. increase from 24 to 52. C. decrease from 24 to 17. D. decrease from 52 to 24.
Most of the world's currencies are backed by some type of commodity
Indicate whether the statement is true or false
If the market were perfectly competitive instead of dominated by a monopsonist, what would the equilibrium wage and level of employment be?
a. W1 and E1 b. W2 and E0 c. W0 and E0 d. W0 and E1 e. W0 and E2
Resource prices are fixed for some period of time because
a. some workers enter into long-term contracts. b. firms purchase raw materials on set-price contracts. c. many workers get pay increases only once a year. d. All of the above are correct.