The Median Voter Must Have Preferences That Reflect Those of All

question 2

Multiple Choice

The median voter must have preferences that reflect those of all people in the community.

• A) True
• B) False
• C) Uncertain

Interpret graphical representations of markets with externalities to identify equilibrium and socially optimal outcomes.

Analyze the role of government intervention in correcting market failures due to externalities through taxes and subsidies.

Differentiate between private and social costs, and private and social values.

Identify the conditions for social optimality in the presence of externalities.

---

Definitions:

ACTH

Adrenocorticotropic hormone, a pituitary hormone that stimulates the adrenal glands to secrete cortisol and other glucocorticoids.

Stress

A physical, mental, or emotional factor causing bodily or mental tension, which can stem from any event or thought that makes you feel frustrated, angry, or nervous.

Relaxation

The process of becoming less tensed or stressed, often referring to muscle easing from contraction.

Parathyroid Hormone

A hormone secreted by the parathyroid glands, important in regulating the amount of calcium and phosphorus in the blood and bones.