People benefit by participating in the market because:
A.) Resources are no longer limited.
B.) It facilitates specialization and increased consumption.
C.) Buyers and sellers have the same goals.
D.) Participants in the market do not have to make choices.
B.) It facilitates specialization and increased consumption.
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According to public choice theory, which of the following groups will likely benefit the most from government income transfers under a system of representative democracy?
a. the poor b. consumers c. small businesses d. concentrated interest groups
Low Bar Steel factory produces runoff that affects the water supply in one way or another for more than 100,000 households and businesses. Why would it be impractical for the Coase theorem to apply to a workable solution in this case?
a. Potential benefits outweigh the costs. b. There is no externality. c. There are too many transactors. d. Property rights are clearly defined.