The High Cost of Running for Office in the U

question 16

Multiple Choice

The high cost of running for office in the U.S.has made fund-raising:

• A) obsolete.
• B) virtually a full-time job.
• C) illegal in some states.
• D) the main thing lobbyist do.
• E) none of the above.

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Definitions:

Inefficiency

A situation where resources are not used in the best possible way, often leading to wasted potential.

Monopoly

An economic setup where there is only one provider of a good or service, possessing total market control due to the lack of any similar alternatives.

Deadweight Loss

An economic inefficiency arising when there's a failure to attain the free market equilibrium for any product or service.

Monopolist

A market participant that is the sole seller of a product or service, having significant control over its price.