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Which Term Refers to a System in Which Two Parties

question 47

Multiple Choice

Which term refers to a system in which two parties are capable of winning an election,and third parties receive a significant but minor share of the vote?


Definitions:

Inelastic Range

A portion of the demand curve where changes in price have little to no effect on the quantity demanded of a good or service.

Demand Curve

The demand curve graphically represents the relationship between the price of a good and the quantity demanded by consumers over a certain period, typically showing a downward slope from left to right.

Monopolist

A single seller in a market who has significant control over the entire market, including the ability to influence prices and market conditions.

MR

Marginal Revenue is the additional income generated from the sale of one more unit of a good or service.

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