The legislature is equivalent to a political market because _____
a. legislators are akin to price takers
b. policies can be bought and sold
c. legislators can be bought and sold
d. logrolling allows legislators to trade amongst themselves
d
Economics
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A restaurant sells a large soft drink at a fixed price of $1.79. A term used by economists to describe the money received from the sale of an additional large soft drink is
A) marginal revenue. B) gross earnings. C) pure profit. D) net benefit.
Economics
Consumers do not have a strong preference for the output of one seller over that of another in a perfectly competitive market because:
A. there a large number of firms in the market. B. the firms sell a standardized product. C. there are no barriers to entry. D. an individual firm has control over price.
Economics