If Your Senator Decides to Run for Reelection, Then He

question 25

Multiple Choice

If your senator decides to run for reelection, then he or she would be considered the ________ in that election.

• A) challenger
• B) party leader
• C) incumbent
• D) pollster
• E) primary candidate

---

Definitions:

Equilibrium Price

The price at which the quantity of goods supplied equals the quantity of goods demanded, leading to market balance.

Perfectly Elastic

A situation where a small price change results in an infinite change in the quantity demanded or supplied.

Supply

The total amount of a good or service available for purchase at any given price level in a market.

Inelastic Demand

A situation where the quantity demanded of a good or service changes very little when its price changes.