Refer to Figure 13.2. Oliver's political views place him at the L4 position and George's political views place him at the C4 position
Based on the two candidates' political views, Sam Butcher decides to enter the race as a third-party candidate and he espouses political views that place him at the M position. For George to now win the election, he will have to A) stay at the C4 position.
B) move to the M position.
C) move to the C1 position.
D) move to the L4 position.
C
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The highest component of GNP is
A) the current account. B) investment. C) government purchases. D) consumption. E) trade.
If Tattling Tina does not tattle, what would Bratty Brenda's best response be
a. Hit b. Not hit c. Run d. Hide
The excess capacity theorem states that
a. society is worse off with fewer monopolistic competitors. b. costs of production under monopolistic competition can be lowered by reducing the number of producers. c. lack of excess capacity leads to shortages during periods of unexpected growth in demand for goods produced by monopolistic competition. d. there is too much choice in our economy.
Which is not true of a perfectly competitive market?
A. The typical industry demand curve is downward sloping. B. If the long-run average total cost curve is horizontal in the relevant range of production, perfectly competitive firms can be various sizes in long-run equilibrium. C. There is no incentive to innovate since economic profit is zero in the long-run. D. At long-run equilibrium, economic profit is less than accounting profit.