Political representation can be understood in all of the following ways EXCEPT ______.
A. formalistic
B. substantive
C. symbolic
D. traditionalistic
D. traditionalistic
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Charging different prices to different customers for the same good or service is known as
a. monopoly b. price setting c. competition d. price discrimination e. rent seeking
The quantity of one good that is given up to produce another is defined to be its
a. market value b. opportunity cost c. relative cost d. absolute cost e. nominal cost
Which of the following statements regarding a competitive market is not correct?
a. There are many buyers and many sellers in the market. b. Firms can freely enter or exit the market. c. Price equals average revenue. d. Price exceeds marginal revenue.
President Obama's fiscal stimulus plan that helped the U.S. economy to come out of recession in 2009 is an example of an automatic stabilizer
Indicate whether the statement is true or false