Which of the Following Statements Best Summarizes the Essence of Public

question 52

Multiple Choice

Which of the following statements best summarizes the essence of public choice analysis?

• A)​Public choice analysis applies economic principles to political science issues.
• B)​Public choice analysis applies political science principles to traditionally economic issues.
• C)​Public choice analysis assumes that government leaders are primarily motivated by what is best for the community, unlike private interest groups.
• D)​none of the above

---

Definitions:

Marginal Physical Product

The additional quantity of output that is produced by using one more unit of a given input, assuming all other inputs remain constant.

Total Revenue Product

The total revenue generated by a firm from selling the output produced by an additional unit of a factor of production.

Perfect Competitor

A market structure where many firms sell identical products, allowing no single company to influence the market price.

Imperfect Competitor

A firm that has some control over the market price of its product because the product is differentiated and there are few substitutes.