impossible to identify what the majority prefers. Another difficulty arises when the vote is so divided that no

choice receives a majority.

A practical approach to microeconomic policy will need to take a realistic view of the specific strengths and
weaknesses of markets as well as government, rather than making the easy but wrong assumption that either

the market or government is always beneficial or always harmful.

Self-Check Questions

1. Based on the theory of rational ignorance, what should we expect to happen to voter turnout as the

internet makes information easier to obtain?

2. What is the cost of voting in an election?

3. What is the main factor preventing a large community from influencing policy in the same way as a special

interest group?

4. Why might legislators vote to impose a tariff on Egyptian cotton, when consumers in their districts would

benefit from its availability?

Access for free at openstax.org
18 • Review Questions 447
{"file_hash": "830b81f41611ac67a490444dbb5d6aed292224606965b06965b914443c93331a", "batch_upload": true, "file_name": "Microeconomics3e.pdf", "source_file": "downloads\\business\\economics\\Microeconomics3e.pdf", "creator": "PDFMiner", "title": "Principles of Microeconomics 3e", "uploaded_via": "batch_uploader", "file_type": ".pdf", "file_size_mb": 26.99, "producer": "Prince 14.2 (www.princexml.com)", "total_pages": 597, "creationdate": "2022-12-07T14:15:44-06:00", "moddate": "2022-12-07T14:23:05-06:00", "source": "downloads\\business\\economics\\Microeconomics3e.pdf", "upload_timestamp": "2026-02-07T15:37:44.339247"}