What is the principle of minimum differentiation

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Discussion Questions

(a) What is the principle of minimum differentiation and how does it relate to the free-rider problem we have in society?

(b) Under what conditions will the political process provide an inefficient amount of a public good?

(c) Suppose three neighbors must vote on the installation of a traffic light that costs $210. The cost of the light will shared by all three. Voter A values the light at $50; voter B values the light at $50; and voter C (who drives the most) values the light at $200. If the voting rule is that the majority wins, does the light get purchased? Is it efficient to purchase the light? Explain.

Reference no: EM131303188

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