When Republicans and Democrats Offer Similar Platforms in an Election

question 395

Multiple Choice

When Republicans and Democrats offer similar platforms in an election campaign, a likely explanation is the

• A)Arrow impossibility theorem.
• B)Condorcet paradox.
• C)median voter theorem.
• D)fact that politicians are more interested in the national interest than their own self-interest.

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Definitions:

Marginal Revenue

The additional income received from selling one more unit of a good or service, critical for determining the most profitable level of production.

Third Unit

In economic terms, it refers to purchasing or producing a third unit of a good or service, often discussed in the context of marginal analysis.

Socially Optimal

A state or outcome of an economic or social process that maximizes societal welfare, taking into account all costs and benefits to society.

Fair-Return

A principle whereby regulated entities are allowed to set prices that cover their costs and provide a reasonable profit.