Some economists warn that "prices aren't everything" in considering agricultural policy. What other issues may slow development, even if prices are "right"?
What will be an ideal response?
Students can address such issues as infrastructure, agricultural research, and marketing and financial institutions.
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Rational voter ignorance occurs because the marginal cost of obtaining information is higher than the marginal benefit from obtaining the information
a. True b. False Indicate whether the statement is true or false
A natural monopoly is a market where
a. a single firm has control over a vital natural resource. b. many smaller firms can produce the entire market output at the same per-unit cost as could one large firm. c. a single large firm can produce the entire market output at a lower per-unit cost than a group of smaller firms. d. many smaller firms can produce the entire market output at a lower per-unit cost than could one large firm.