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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Look back at Exhibit 2. Suppose that the net benefits and net costs for each person are known a week before election day and that it is legal to buy and sell votes. Furthermore, suppose that neither buying nor selling votes has any conscience cost (i.e., one does not feel guilty buying or selling votes). Would the outcome of the election be the same? Explain your answer.

images

To determine

Outcome of the election.

Explanation

The net gain from buying statue is $132 and the net losses is $320. If money is not involved in the election, then people who face loss vote against the option of buying statue. And people benefiting out of it would vote favor to buy it. The ultimate result would be not buying the statue...

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