Imagine you are the mayor of a town and you are trying to decide if you should pay for a fireworks show. Your staff survey your 400 citizens who say that they each value a fireworks show at $10. The fireworks show only costs $3,000 so you put on the show but when you ask for donations to pay for the fireworks you only receive $25 total. What does this result show? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a You staff's survey must have overestimated the value of a fireworks show. b The fireworks cost must have been greater than their economic benefit. The firework show suffered from the Tragedy of the Commons problems d The town's citizens were free-riders.
Imagine you are the mayor of a town and you are trying to decide if you should pay for a fireworks show. Your staff survey your 400 citizens who say that they each value a fireworks show at $10. The fireworks show only costs $3,000 so you put on the show but when you ask for donations to pay for the fireworks you only receive $25 total. What does this result show? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a You staff's survey must have overestimated the value of a fireworks show. b The fireworks cost must have been greater than their economic benefit. The firework show suffered from the Tragedy of the Commons problems d The town's citizens were free-riders.
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter3: Your Role As A Consumer
Section3.3: Consumerism
Problem 5R
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![Imagine you are the mayor of a town and you are trying to decide if you should pay for a fireworks show. Your staff survey your 400
citizens who say that they each value a fireworks show at $10. The fireworks show only costs $3,000 so you put on the show but
when you ask for donations to pay for the fireworks you only receive $25 total. What does this result show?
Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.
You staff's survey must have overestimated the value of a fireworks show.
b
The fireworks cost must have been greater than their economic benefit.
The firework show suffered from the Tragedy of the Commons problems
d
The town's citizens were free-riders.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F63b9f5bc-73bc-4e93-8dcc-e84c51943272%2Fc747b9d5-1c49-4f36-8cb5-e57999ab592d%2Fuv8qlb8_processed.png&w=3840&q=75)
Transcribed Image Text:Imagine you are the mayor of a town and you are trying to decide if you should pay for a fireworks show. Your staff survey your 400
citizens who say that they each value a fireworks show at $10. The fireworks show only costs $3,000 so you put on the show but
when you ask for donations to pay for the fireworks you only receive $25 total. What does this result show?
Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.
You staff's survey must have overestimated the value of a fireworks show.
b
The fireworks cost must have been greater than their economic benefit.
The firework show suffered from the Tragedy of the Commons problems
d
The town's citizens were free-riders.
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