The voting paradox suggests that the "voting market," as represented by elections
A) leads to a superior outcome in representing consumer preferences compared to the private market for goods and services.
B) is no different from the private market for goods and services in terms of representing consumer preferences.
C) may not lead to an efficient outcome but certainly leads to a more equitable outcome in terms of distributing goods and services.
D) may often lead to an inefficient outcome in representing consumer preferences compared to the private market for goods and services.
D
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A decision made by a rational person
A) is intended to make the person worse off. B) would always make the person wealthier. C) is identical to a decision that would be made by any other person facing the same choices. D) is intended to make the person better off.
Robin owns a horse stables and riding academy and gives riding lessons for children at "pony camp.". Her business operates in a competitive industry. Robin gives riding lessons to 20 children per month. Her monthly total revenue is $4,000 . The marginal cost of pony camp is $250 per child. In order to maximize profits, Robin should
a. give riding lessons to more than 20 children per month. b. give riding lessons to fewer than 20 children per month. c. continue to give riding lessons to 20 children per month. d. We do not have enough information to answer the question.