Rational ignorance says that voters will
A) understand the technology before voting on defense.
B) vote on issues without having complete information.
C) gather information on issues that are not important.
D) not vote on issues that they do not understand.
B
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Observations of consumer behavior suggest that when the price of gasoline rose above $3.50 per gallon, consumer demand for gas became considerably more price elastic
Indicate whether the statement is true or false
At the level of output where the marginal cost and marginal revenue curves intersect, two firms demand curves pass above their average total cost curve. One firms is a monopoly and the other is perfectly competitive. Which statement is true for both firms?
A. The firms are making an economic profit. B. Price equals marginal revenue. C. Price equals marginal cost. D. Entry of new firms is expected in the market.