Table 22-17 -Refer to Table 22-17. the Table Shows the Preferences of the Preferences

question 340

Multiple Choice

Table 22-17
-Refer to Table 22-17. The table shows the preferences of three types of voters over three possible outcomes: A, B, and C. The table also shows the percentage of voters of each type. Based on this information, which voter type is the median voter?

• A)Type 1
• B)Type 2
• C)Type 3
• D)The median voter cannot be determined without knowing the pair of outcomes from which the voters will be choosing.

---

Definitions:

Social Inefficiencies

Situations where resources are not allocated efficiently due to factors such as externalities, public goods, or market power, leading to a loss of social welfare.

Monopolist

A single seller in a market with no close substitutes for the product or service, giving them significant control over prices and output.

Supply Curve

A graphical representation showing the relationship between the price of a good or service and the quantity of that good or service that a supplier is willing and able to supply to the market.

Marginal Cost Curve

A graphical representation that shows how the cost of producing one additional unit of a good changes as the production volume varies.