“Government action is based on majority rule, whereas market action is based on mutual consent. The market allows for proportional representation of minorities, but minorities must yield to the views of the majority when activities are undertaken through government.” In your own words, explain the meaning of this statement. Is the statement true? Why or why not?

BuyFind

Macroeconomics: Private and Public...

16th Edition
James D. Gwartney + 3 others
Publisher: Cengage Learning
ISBN: 9781305506756
BuyFind

Macroeconomics: Private and Public...

16th Edition
James D. Gwartney + 3 others
Publisher: Cengage Learning
ISBN: 9781305506756

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Chapter
Section
Chapter 6, Problem 7CQ
Textbook Problem

“Government action is based on majority rule, whereas market action is based on mutual consent. The market allows for proportional representation of minorities, but minorities must yield to the views of the majority when activities are undertaken through government.” In your own words, explain the meaning of this statement. Is the statement true? Why or why not?

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