This topic contains a solution. Click here to go to the answer

Author Question: The phrase price-taker means A) that market price is independent of the output of a single firm. ... (Read 193 times)

Zulu123

  • Hero Member
  • *****
  • Posts: 525
The phrase price-taker means
 A) that market price is independent of the output of a single firm.
  B) each firm faces a perfectly elastic demand curve.
  C) that price and marginal revenue are the same.
  D) all of these choices.

Question 2

Explain the significance of voting with suitable examples.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

tuate

  • Sr. Member
  • ****
  • Posts: 332
Answer to Question 1

D

Answer to Question 2

Most choices about private goods need not have winning and losing sides. Markets allow people who prefer black shoes to have their choice and allow those who prefer other colors to get what they want. The differences that people settle by voting will more often involve public goods or decisions that, unlike shoe color, are not divisible. At any given time the United States can only have one president and an army of only one size. Voting governs our activities in only a few areas, such as governments and associations like clubs and labor unions. In addition, corporate shareholders vote for boards of directors and are sometimes asked to approve other actions like mergers. Very few everyday decisions are the result of voting. Such important institutions as families, churches, and schools make most of their decisions administratively, without any votes of approval from those whom their policies will affect most heavily. Employees voluntarily put themselves under the control of supervisors who have some dictatorial power over their assignments and their pay. There are limits on supervisory powers, some set by law (e.g., discrimination, assignment to hazardous tasks) and others by local customs. Workers also have the sometimes costly option of quitting.

Even if voting is so desirable, it governs so few of our activities because of some difficulties. Seemingly clear concepts like society's preference turn out to have little meaningdepending on the details, any voting process can at times be manipulated to ensure that some particular outcome happens. And no voting process is strategy-proof voters may have good reason to misrepresent their actual beliefs at the ballot box, so the results of a vote may not be a truthful summary of their preferences.





 

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?

Bacteria have flourished on the earth for over three billion years. They were the first life forms on the planet.

Did you know?

Dogs have been used in studies to detect various cancers in human subjects. They have been trained to sniff breath samples from humans that were collected by having them breathe into special tubes. These people included 55 lung cancer patients, 31 breast cancer patients, and 83 cancer-free patients. The dogs detected 54 of the 55 lung cancer patients as having cancer, detected 28 of the 31 breast cancer patients, and gave only three false-positive results (detecting cancer in people who didn't have it).

Did you know?

Always store hazardous household chemicals in their original containers out of reach of children. These include bleach, paint, strippers and products containing turpentine, garden chemicals, oven cleaners, fondue fuels, nail polish, and nail polish remover.

Did you know?

Earwax has antimicrobial properties that reduce the viability of bacteria and fungus in the human ear.

For a complete list of videos, visit our video library