Third parties generally cannot win elections under a majority vote system because _____
a. the original two parties make it illegal for third parties to exist
b. the original two parties are able to use the power of incumbency to raise the large amount of money necessary to run a winnable election
c. the original two parties will have already split the voting population by placing their platforms on either side of the median voter
d. the original two parties have already "locked-in" most eligible voters as members of their parties
c
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What economic benefits might a developing country gain by reducing corruption? Discuss only economic benefits and provide examples from specific developing countries
What will be an ideal response?
Phil sells duck calls in a perfectly competitive market. If duck calls sell for $10 each and average total cost per unit is $11 at the profit-maximizing output level, then in the long run
a. more firms will enter the market. b. some firms will exit from the market. c. the equilibrium price per duck call will fall. d. average total costs will fall.
Theodore can make 6 pizzas in one hour. If Theodore's labor has a diminishing marginal product, what must be true about the number of pizzas that Theodore can make in three hours?
A. It must be greater than 18. B. It must be equal to 18. C. It must be less than 12. D. It must be less than 18.
Refer to Scenario 9.8 below to answer the question(s) that follow. SCENARIO 9.8: Investors put up $1,040,000 to construct a building and purchase all equipment for a new gourmet cupcake bakery. The investors expect to earn a minimum return of 10 per cent on their investment. The bakery is open 52 weeks per year and sells 900 cupcakes per week. The fixed costs are spread over the 52 weeks (i.e. prorated weekly). Included in the fixed costs is the 10% return to the investors and $2,000 in other fixed costs. Variable costs include $2,000 in weekly wages, and $600 per week in materials, electricity, etc. The bakery charges $8 on average per cupcake.Refer to Scenario 9.8. The bakery is making ________ economic profits per week.
A. negative B. positive C. break-even D. zero