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Author Question: Logrolling would allocate resources efficiently if everyone could participate. List and explain two ... (Read 56 times)

Kthamas

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on: Jul 1, 2018
Logrolling would allocate resources efficiently if everyone could participate. List and explain two reasons why we do not see logrolling in general elections.
 
  What will be an ideal response?

Question 2

The long-run supply curve in a competitive market is upward-sloping.
 
  Indicate whether the statement is true or false


chevyboi1976

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Reply #1 on: Jul 1, 2018
Answer to Question 1

The first reason we do not see logrolling in general elections is because of high transactions costs. With large numbers of voters in a general election the transactions costs to matching up voters in a political marketplace are quite high. The second reason and more important reason we do not see logrolling in general elections is because of the secret ballot. The secret ballot makes it impossible to confirm that a deal made in the political marketplace was actually carried out. Even if transactions costs were low, few traders would want to engage in a political exchange if they could not ensure that their trading partner lived up to her side of the bargain.

Answer to Question 2

False. The shape of the long-run supply curve will depend on how similar the firms are and on the relationship between factor prices and total industry output.


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