Rational ignorance
A) refers to attempts by special interests to use government action to make themselves better off at the expense of others.
B) explains the Arrow impossibility theorem.
C) helps to explain why rent seeking by special interest groups occurs.
D) explains why consumers ignore sunk costs when they vote.
Question 2
Economists agree that a monopolistically competitive market structure
A) can eliminate any excess capacity if all firms in the industry devote more funds to differentiating their products.
B) lowers consumer utility because consumers pay a price higher than the marginal cost of production.
C) is detrimental to society because it leads to a waste of scarce resources.
D) benefits consumers because firms produce products that appeal to a wide range of consumer tastes.
Conduction of the action potential along an axon.
Action of penicillinase
Communicating with patients with special needs
Make your mitochondria proud!
Special Purpose Checks
Using the Ti plasmid to make a transgenic plant