The median voter theorem states that:
A. if voters have multi-peaked preferences, all of them prefer the median ideal policy.
B. if voters have single-peaked preferences, none of them prefer the median ideal policy.
C. if voters have single-peaked preferences, a majority of them prefer the median ideal policy to all other policies.
D. if voters have multi-peaked preferences, a majority of them prefer the median of those preferences.
C. if voters have single-peaked preferences, a majority of them prefer the median ideal policy to all other policies.
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In which of the following situations would it be the most difficult to keep the water in a river flowing?
A) as it passes from one city to another city in the same county B) as it passes from one county to another county in the same state C) as it passes from one state to another state in the same country D) as it passes from one country to another country
A budget line is defined as
A. the number of units of a good that can be purchased over a range of prices. B. the combinations of a set of two goods that can be purchased, given current income and current prices for the goods. C. how a household’s budget is allocated to various members of the family. D. the maximum amount of money that can be spent. E. the combinations of a set of two goods that the household prefers over other combinations.
Tom's marginal utility of Mountain Dew exceeds his marginal utility of crackers at his consumer equilibrium. Therefore, his consumer surplus from Mountain Dew must exceed his consumer surplus from crackers
Indicate whether the statement is true or false
Suppose a player has a dominant strategy. Would she choose to play a mixed strategy (such as playing two strategies with probability 50-50)? Why or why not?
What will be an ideal response?