If the Median Voter Theorem Holds

question 243

Multiple Choice

If the median voter theorem holds,

• A)a Borda count will violate the principle of transitivity.
• B)the Condorcet paradox also holds.
• C)minority views will not receive much consideration.
• D)All of the above are correct.

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Definitions:

Long Run

In microeconomics, a period of time long enough to enable producers of a product to change the quantities of all the resources they employ, so that all resources and costs are variable and no resources or costs are fixed.

Production Plant

A facility or set of facilities where goods are manufactured or assembled primarily from raw materials.

Economic Profit

The return flowing to those who provide the economy with the economic resource of entrepreneurial ability; the total revenue of a firm less its economic costs (which include both explicit costs and implicit costs); also called “pure profit” and “above-normal profit.”

Accounting Costs

The explicit costs of running a business, such as wages, rent, and materials, recorded in the financial statements.