Voters will gather information on voting alternatives:
a. when the cost of acquiring such information is exorbitantly high
b. as long as the marginal benefit to them of acquiring additional information exceeds the marginal cost to them.
c. as long as the marginal benefit to them of the information is less than the marginal cost to them of gathering the information.
d. because the welfare of the community is always perceived to be more important than the welfare of the individual.
b
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As a consequence of the problem of scarcity
A. only some people can "have it all." B. there is never enough of anything. C. individuals have to make choices from among alternatives. D. things that are plentiful have relatively high prices.
Suppose there is a tornado that levels a city. As rebuilding begins, how might you analyze this effect in the market for lumber?
A. The demand for lumber would increase, increasing both the equilibrium price and quantity. B. The demand for lumber would increase, decreasing the equilibrium price and increasing the equilibrium quantity. C. The supply of lumber would decrease, increasing the equilibrium price and decreasing the equilibrium quantity. D. The supply of lumber would increase, decreasing the equilibrium price and increasing the equilibrium quantity.