The _____ requires taxpayers to calculate their taxes without most tax preferences, compare it to their tax liability the conventional way, and then pay the tax based on which is higher

Assume that there is a shortage of lobster and that for whatever reason prices have not risen to choke off the excess demand

Instead, the government has exhorted people to voluntary refrain from lobster consumption to "maintain a balance between supply and demand." Assume that the temporary public service announcements are "effective" and the public reduces its consumption of lobster. Explain using supply and demand analysis what should happen to the equilibrium quantity of lobster and its equilibrium price. Why would this plan not have much of an impact on the lobster market in the long run?

While cyclical majorities can lead to unstable outcomes, they generally do not because of _____

a. rational ignorance b. double-peaked preferences c. political institutions d. majority rule