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Author Question: Because of voter rational ignorance, the government might not produce the efficient quantity of a ... (Read 98 times)

jCorn1234

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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
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Madisongo23

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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.


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