Examlex
A firm with a production function Q = KL (where K is units of capital and L is units of labor) has an expansion path that is given by K = 2L. The wage rate (W) is $20 and the rental on capital is $10. Assuming that the firm is using the optimal mix of inputs for any given output level, the total cost when using four units of labor is $____.
Plurality
In elections, a situation where the candidate who polls more votes than any other candidate is the winner, but does not necessarily receive a majority of all votes cast.
Representatives
Elected individuals who act on behalf of others within a legislative body, making decisions and voting on laws.
Indirect Voting
A voting process where citizens elect representatives who then vote on behalf of them in the selection of government officials or policy decisions.
Electoral College
A body of electors established by the United States Constitution, which formally selects the President and Vice President based on the popular vote in each state.
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