In a democratic society, the preferences of __________ will often dominate decisions made by direct majority voting
a. elected government representatives
b. special interest groups
c. rent seekers
d. senior citizens
e. the median voter
E
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Suppose you are given the following demand data for a product.PriceQuantity Demanded$1030940850760670The price elasticity of demand (based on the midpoint formula) when price increases from $7 to $9 is
A. -1.16. B. -2.27. C. -1.60. D. -.63.
Use the following graph for a pure monopoly operating in the short-run to answer the next question.
To maximize profits, this firm should charge a price of ________.
A. 0B B. 0C C. 0A D. not labeled on the graph
In the ISLM framework, a declining price level causes
A) interest rates to rise. B) income to fall. C) saving to rise. D) the LM curve to shift to the right.
Mutual funds ________
A) accept deposits and issue loans B) sell shares and buy financial instruments C) are a special type of commercial bank D) issue policies and receive premiums