Which of the Following Is an Assumption of the Median

question 53

Multiple Choice

Which of the following is an assumption of the median voter model?

• A)Voters are assumed to have heterogeneous preferences.
• B)Voters are assumed to be able to place all possible election outcomes within a one-dimensional continuum.
• C)Voters are assumed to have homogenous preferences.
• D)Voters are assumed to be able to compare current election outcomes with past election outcome with perfect recall.

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Definitions:

Equilibrium Level

The state in which market supply and demand balance each other, resulting in stable prices.

Total Costs

The sum of all expenses a firm incurs to produce and sell a product, including both fixed and variable costs.

Short Run

A time period in which at least one input (e.g., plant size, machinery) in the production process is fixed and cannot be changed.

Equilibrium Price

Equilibrium price is the price at which the quantity of goods supplied is equal to the quantity of goods demanded, achieving a state of market balance.