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Explain how an increase in each of the following variables affects the aggregate price level: (i) the expected price level; (ii) employment; (iii) the markup; and (iv) unemployment benefits.
Paradox of Voting
A situation where, despite the low probability that a single vote will affect the outcome of an election, individuals still choose to vote.
Majority Voting
A decision-making process where the option that receives more than half of the votes cast by eligible participants wins.
Median Voter
A theoretical concept suggesting that the outcome of a majority vote is likely to reflect the preferences of the median, or middle, voter when preferences are aligned along a single dimension.
Election Outcome
The result of a voting process in which a person or proposal is selected among a set of candidates or options.
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