Which One of the Following Topics Would Be of the Most

question 8

Multiple Choice

Which one of the following topics would be of the most interest to a public choice economist?

• A) The theory of comparative advantage.
• B) The law of increasing opportunity cost.
• C) Inflation and unemployment.
• D) Rent-seeking behavior.

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Definitions:

Reference Groups

Groups with whom buyers identify and whose values or attitudes they adopt.

Buyers Identify

The process in which buyers recognize their needs or wants that can be satisfied by purchasing goods or services in the market.

Demographic Segmentation

The division of a market into segments based on variables such as age, gender, income, education level, or marital status to target specific consumer groups.