Voters in Advanced Democracies Tend to Be Less Loyal to a Specific

question 53

Multiple Choice

Voters in advanced democracies tend to be less loyal to a specific political party because __________ than in the past.

• A)politicians are wealthier
• B)economic growth is less certain
• C)voters have access to better information
• D)parties are less differentiated from each other

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Definitions:

Marginal Cost

The growth in overall costs resulting from the manufacture of one more unit of a good or service.

Economic Losses

Situations where total costs exceed total revenues, indicating that resources may be better utilized elsewhere.

Average Variable Cost

The total variable costs (costs that change with the level of output) of production divided by the quantity of output produced.

Short Run

A time period in which at least one input is fixed and cannot be changed by the firm, affecting its production decisions.