Refer to Table 17-3. What is Hotspur's profit maximizing quantity of labor?
A) 2 workers B) 3 workers C) 5 workers D) 6 workers
Question 2
The public choice model can be used to examine voting models that contrast the manner in which collective decisions are made by governments (state, local, and federal) and the manner in which individual choices are made in markets.
Which of the following descriptions is consistent with the difference between collective decision-making and decision-making in markets?
A) Individuals are less likely to see their preferences represented in the outcomes of government policies than in the outcomes of markets.
B) The cost of a government policy is determined by a majority vote of members of the public; decisions made in markets are based on individual willingness to pay.
C) Choices made through government policies are more important than decisions individuals make through markets.
D) Everyone who votes must agree with a decision made collectively through government, but in markets individuals can make their own choices.
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