47 If consumers are more organized than business cartels, the Peltzman model pre

Question

47 If consumers are more organized than business cartels, the Peltzman model predicts

a.   a larger portion of rents going to the cartel.

b.   no regulation will result.

c.   no voter support for regulation.

d.   none of the above.

48. The Peltzman model of regulation

a.   suggests that regulation is all but inevitable in a democratic society.

b.   recognizes self-interested behavior on the part of politicians.

c.   suggests that unorganized consumers will have to put up with regulatory distributions against their interests.

d.   all of the above.

49. The use of mathematics in economic reasoning

a.   is an invention of the nineteenth century.

b.   is found in early mercantilist literature, such as the writings of Davenant.

c.   did not appear until the early twentieth century.

d.   none of the above.

Explanation / Answer

a) if consumers are more organized than cartels then Peltzan model predicts that there would be no regulation which would be a result benefitting the consumers.

b) All of the above

c) The use of mathematics in economics reasoning is found in early mercantitlist literature like the writings of Davenant which contained an empirical statement of demand.

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