Despite being a college graduate, Ethan cannot name any of his representatives in Congress and he has no idea which issues are being debated and voted on this week in Congress. According to public choice analysis, Ethan is
a. irrational.
b. considering only the welfare of society and not his own personal interests.
c. not intelligent enough to understand the issues.
d. making a rational personal choice because knowing these things gives him little personal benefit.
D
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The demand curve a monopolist faces:
a. is more elastic than a perfectly competitive firm's demand curve. b. is the market demand curve. c. is as elastic as a perfectly competitive firm's demand curve. d. is not affected by the prices of complements. e. will not shift in response to a change in consumer tastes.
Exhibit 21-1 Production possibilities curves
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In Exhibit 21-1, the production possibilities curves of wheat and corn for Nabia and Pada are presented. In Pada the cost of producing one more unit of corn is equal to:
A. 3 units of wheat. B. 3 units of corn. C. 1/3 unit of wheat. D. 15 units of wheat.