Bureaucratic overprovision of a public good could occur because
A) of a failure of minimum differentiation.
B) of rational ignorance among voters.
C) voters want more of the good than do bureaucrats.
D) bureaucrats attempt to maximize efficiency.
B
Economics
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Suppose a perfectly competitive firm faces the following cost and revenue conditions: ATC = $25.50; AVC = $20.50; MC = $25.50; MR = $28.50. The firm should
A) decrease output. B) increase output. C) shut down. D) continue to produce its current output.
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Briefly describe the tradeoff between equity and efficiency of tax systems using a few examples
Economics