The answer is: "rational ignorance." What is the question?
A) Why do special interest groups lobby politicians?
B) What causes a candidate in a two-person political race to take polls?
C) What explains why voters often know very little about the candidates and the issues?
D) What motivates the free rider?
C
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Bill owns a lawn-care company in Windermere, Florida, whose cost curves are illustrated in the above figure. The market equilibrium price in this perfectly competitive market equals $32 per lawn mowed
At this price, how many lawns will Bill mow per week? A) more than 10 and less than 30 B) 30 C) 40 D) 50 E) 0
Strategic advertising in the cola market
A) significantly expands the size of the market. B) brings in few new customers and primarily shifts market share among rivals. C) shifts market demand to the right, increasing quantity sold and decreasing prices. D) has no impact on the market.