Use the Information in Table 4, Below, for the Following

question 26

Multiple Choice

Use the information in Table 4, below, for the following questions.
$$\begin{array}{l}\text { Table 4: Election Results in another Hypothetical District. }\\\\\begin{array} { | l | l | l | l | l | l | l | l | } \hline & \text { Party A } & \text { Party B } & \text { Party C } & \text { Party D } & \text { Party E } & \text { Party F } & \text { Total } \\\hline \text { Votes } & 47,000 & 16,000 & 15,800 & 12,000 & 6,100 & 3,100 & 100,000 \\\hline\end{array}\end{array}$$
-Imagine now that the election results in Table 4 are the first preference votes in a majoritarian system that uses an alternative voting rule (like Australia) where a candidate is automatically elected if he wins an absolute majority of first-round preferences. Which party's candidate wins the single available seat in this district?

• A) The candidate from Party A.
• B) The candidate from Party B.
• C) Both the candidate from Party A and the candidate from Party B will win seats.
• D) It will depend on the preference rankings for each candidate, so it is impossible to answer this question based on the information provided.

Identify how shifts in demand and supply affect market equilibrium and firms' economic profits in the short and long run.

Recognize the characteristics and implications of increasing-cost, decreasing-cost, and constant-cost industries on the industry's supply curve and market prices.

Interpret the impact of external and internal economies and diseconomies of scale on long-run average costs.

Describe the adjustment processes in perfectly competitive markets towards long-run equilibrium under different cost conditions.

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