Assume there are 4065 voters in a certain small town and let x = the preferred number of dollars charged monthly to support local parks. For Voters 1-1050, x = $10; for voters 1051-2121, x= $20, for voters 2122-3334, x = $30; for voters 3335-3998, x = $40; and for 3999-4065, x = $50 . Based on these preferences, which of the dollar amounts will win over any of the others?
a. $20.
b. $30.
c. $50
d. None of the above are correct.
a
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A welfare loss occurs when a monopolist chooses not to produce units of output that are of greater marginal value to consumers than the marginal cost of producing them
a. True b. False Indicate whether the statement is true or false
Transfer payments are:
A. spending that transfers resources from the government to individuals. B. when individuals transfer stock ownership in lieu of payment with cash or other liquid assets. C. when individuals transfer cash for payments of a good or service. D. payments that individuals make to the government.
Related to the Economics in Practice on page 3: According to the Economics in Practice, when rural India is suffering from a drought where agricultural output is low, the opportunity cost of having someone out of the labor force, and therefore unable to work in agricultural production, is
A. low. B. infinite. C. zero, because the person is out of the labor force. D. high
Which of these is an example of how the U.S. Constitution protects the free enterprise system?
A) Congress is given the power to borrow money. B) Congress is given the authority to collect taxes. C) Congress is given the authority to raise and support armies. D) Congress is given the authority to grant patents and copyrights.