"Government action is based on majority rule,whereas market action is based on mutual consent.The competitive marketplace allows for proportional representation of each individual.However,minority or unorganized groups must yield to the views of the political majority when activities are undertaken through government." Explain what this statement means and illustrate by using the events leading up to the establishment of the Interstate Commerce Commission (ICC)in 1887 and passing of the Hepburn Act of 1906.
Correct Answer:
Answered by Quizplus AI
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q38: How does the federal government influence the
Q43: The corporation,as a form of business organization,fueled
Q44: Compare and contrast the views of Schumpeter
Q45: In which of the following cases did
Q46: Describe the Sherman Antitrust Act of 1890
Q49: Will central planners or private investors be
Q50: What is the Interstate Commerce Commission (ICC)Act
Q51: Describe the significance of the changes in
Q52: Why do some economists argue that recessions
Q53: Lamoreux's (1985)research finds that between 1895 and
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents