Governments continue to provide public support to some farmers, even inthe absence of market failures. Choose the best explanation for thispractice according to public choice theory.O a. The marginal social cost of providing support is equal to themarginal social benefit.O b. All consumers are willing to pay higher prices to provide financialsupport to some farmers.O c. Vote-maximising governments are irrational in their response topowerful lobbying.O d. Government support goes to consumers in the form of pricecontrols, which balances the support given to farmers.O e. The benefits of the support are concentrated among a small andvocal group of farmers and the costs are widely dispersed amongmillions of consumers.

The public choice theory uses the economic tools to show or demonstrate that how the economic…

Sovermments continue to provide public support to some farmers, he absence of market failures. Choose the best explanation for thi practice according to public choice theory. O a. The marginal social cost of providing support is equal to th marginal social benefit. All consumers are willing to payv higher prices to provide firm

Sovermments continue to provide public support to some farmers, he absence of market failures. Choose the best explanation for thi practice according to public choice theory. O a. The marginal social cost of providing support is equal to th marginal social benefit. All consumers are willing to payv higher prices to provide firm

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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