What are two ways that a government or group can ensure that the economic pie is maximized when the volunteer's dilemma arises?
What will be an ideal response?
The can require compulsory volunteerism or have parties agree to coalition building and bargaining.
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Which of the following will cause a decrease in producer surplus?
a. the imposition of a nonbinding price ceiling in the market b. buyers expect the price of a good to be higher next month c. the price of a substitute increases d. income increases and buyers consider the good to be inferior
Related to the Economics in Practice on page 218: A study discussed in the Economics in Practice found that NFL teams that trade two lower draft picks for one higher pick tend to ________ player productivity and therefore ________ for that pick in terms of the draft-pick trade.
A. underestimate; underpay B. overestimate; overpay C. overestimate; underpay D. underestimate; overpay