The special-interest effect is significant because:
A. It corrects instances of spillover costs and benefits
B. It can contribute to economic inefficiency in the public sector
C. Capitalistic economies are based upon the pursuit of self-interest
D. It causes quantity demanded to equal quantity supplied in competitive markets
B. It can contribute to economic inefficiency in the public sector
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What is the difference between approximate and exact consumer surplus?
A. Approximate consumer surplus is calculated using an uncompensated demand curve, while exact consumer surplus is calculated using a compensated demand curve. B. Approximate consumer surplus is calculated using a compensated demand curve, while exact consumer surplus is calculated using an uncompensated demand curve. C. There is no difference between approximate and exact consumer surplus. D. Approximate consumer surplus can be measured, while exact consumer surplus cannot be measured.
Refer to the table shown. The average product when eight workers are employed is:Number of workersTotal output142103184285356417458489501049
A. 3. B. 4. C. 5. D. 6.