When voting mechanisms substitute for the market mechanism in allocating resources,we are relying on

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Quizplus · Accepted Answer

The term "ballot box economics" refers to the use of the voting mechanism to allocate resources rather than the market mechanism. Cost-benefit analysis and opportunity cost analysis can be applied in both market and voting mechanisms. Public choice theory is a framework for analyzing the behavior of politicians and voters in the political process, but it does not specifically relate to the use of voting mechanisms in resource allocation.

When Voting Mechanisms Substitute for the Market Mechanism in Allocating