« previous next »

Author Question: Because of voter rational ignorance, the government might not produce the efficient quantity of a ... (Read 91 times)

jCorn1234

  • Hero Member
  • *****
  • Posts: 545
on: Jun 29, 2018
Because of voter rational ignorance, the government might not produce the efficient quantity of a public good.
 
  Indicate whether the statement is true or false

Question 2

Explain why the availability of resources affects the elasticity of supply.
 
  What will be an ideal response?
Foundations of Microeconomics ¦ Bade, Parkin ¦ 8th Edition
Buy Test-Bank


Madisongo23

  • Sr. Member
  • ****
  • Posts: 325
Reply #1 on: Jun 29, 2018
Answer to Question 1

TRUE

Answer to Question 2

A good that can be produced using commonly available resources has costs that increase only a little when its production increases. Its supply will be more elastic. If, however, the production of a good requires very specialized resources, an increase in production will be very costly. Its supply will be more inelastic.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The Food and Drug Administration has approved Risperdal, an adult antipsychotic drug, for the symptomatic treatment of irritability in children and adolescents with autism. The approval is the first for the use of a drug to treat behaviors associated with autism in children. These behaviors are included under the general heading of irritability and include aggression, deliberate self-injury, and temper tantrums.

Did you know?

All adults should have their cholesterol levels checked once every 5 years. During 2009–2010, 69.4% of Americans age 20 and older reported having their cholesterol checked within the last five years.

Did you know?

The heart is located in the center of the chest, with part of it tipped slightly so that it taps against the left side of the chest.

Did you know?

Malaria was not eliminated in the United States until 1951. The term eliminated means that no new cases arise in a country for 3 years.

Did you know?

Although the Roman numeral for the number 4 has always been taught to have been "IV," according to historians, the ancient Romans probably used "IIII" most of the time. This is partially backed up by the fact that early grandfather clocks displayed IIII for the number 4 instead of IV. Early clockmakers apparently thought that the IIII balanced out the VIII (used for the number 8) on the clock face and that it just looked better.

Species of the algal genus Dinobryon not only photosynthesize, but are also efficient predators of b Species of the algal genus Dinobryon not only photosynthesize, but are also efficient predators of b
Scientific Ignorance Scientific Ignorance
This chart illustrates the bottom up assumption about government. In this, attitudes, culture, and This chart illustrates the bottom up assumption about government. In this, attitudes, culture, and
A Fischer-Tropsch processing plant is able to produce a variety of fuels from coal. A Fischer-Tropsch processing plant is able to produce a variety of fuels from coal.
Tricyclic antidepressants produce their effects by inhibiting the reuptake of neurotransmitters ... Tricyclic antidepressants produce their effects by inhibiting the reuptake of neurotransmitters ...
opener E. coli have been genetically engineered to produce lycopene opener E. coli have been genetically engineered to produce lycopene
Video: Mycobacterium tuberculosis: Drug Resistance and Natural Selection

For a complete list of videos, visit our video library