Majority-rule voting, special-interest group effects, rational voter ignorance, bureaucratic inefficiency, and the shortsightedness effect
A. reflect irrational behavior by the general population.
B. are public choice theories that explain why the public sector might fail to achieve efficient policies.
C. explain why democratic societies need elected officials.
D. are the causes of efficient public policy decisions.
Answer: B
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When ticket scalpers buy up hundreds of Chicago Cubs tickets the day tickets go on sale, they are
A) behaving unethically. B) hoping to buy high and sell low. C) hoping to buy low and sell high. D) ruining it for everyone else.
Answer the following questions true (T) or false (F)
1. Monopolistic competition differs from oligopoly in that in monopolistic competition firms act independently while in oligopoly firms act interdependently. 2. An entry barrier exists when firms in an industry charge the lowest price possible for their products. 3. If economies of scale are significant, the typical firm will not reach the minimum point on its long-run average cost curve until it has produced a large fraction of industry sales.