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Author Question: Congressman Gallstone seeks support from his colleagues for a bill he sponsors that will establish a ... (Read 154 times)

lidoalex

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on: Jun 29, 2018
Congressman Gallstone seeks support from his colleagues for a bill he sponsors that will establish a new national park in his district.
 
  He offers to support Congresswoman Disrail's proposal to build a new library in her district in exchange for her vote for his national park bill. This is an example of
  A) government failure. B) regulatory capture.
  C) rational ignorance. D) logrolling.

Question 2

Being the only seller in the market, the monopolist can choose any price and quantity it desires. Evaluate this statement: Is it true or false? Explain your answer.
 
  What will be an ideal response?
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mirabriestensky

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

The statement is false. The monopolist cannot choose both the price and quantity. The monopolist has some market power and therefore has some ability to affect market price but it does not control the demand curve. If the monopolist sets a price, the quantity sold will be indicated by the demand curve.


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