Government action will often result in the counterproductive use of resources because
a. there is often a conflict between winning political elections and adoption of only productive programs.
b. many politicians are not interested in how their legislative votes will influence their chances of winning future elections.
c. politicians are often unwilling to listen to interest groups that have specialized knowledge.
d. voter participation is low; if more people voted, the political process would be more efficient.
A
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A price floor is
A) the highest possible legal price that can be charged for a good or service. B) usually equal to the equilibrium price established before the government imposed the price floor. C) the lowest legal price at which a good or service can be traded. D) a legal price of zero that can be charged for a good or service. E) almost always equal to the price ceiling.
The above table gives the market demand and market supply schedules for soda. What is the maximum price consumers are willing to pay for the 400th can of soda?
A) $0.80 per can B) $0.70 per can C) $0.60 per can D) $0.50 per can