In the median voter model, we assume that
A) voters will vote for the friendlier of two candidates.
B) voters will vote for the candidate who comes closer to matching their views.
C) the candidate who occupies the far right has a better chance of winning the election than the candidate who occupies the far left.
D) there are three candidates running for the same office.
E) b and c
B
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The buyer will pay the entire tax levied on a good when the demand for the good is ________ or when the supply of the good is ________
A) perfectly elastic; perfectly inelastic B) perfectly elastic; perfectly elastic C) perfectly inelastic; perfectly inelastic D) perfectly inelastic; perfectly elastic E) unit elastic; unit elastic
Refer to Table 17-2. The firm represented in the diagram
A) has market power in the output market. B) has market power in both the factor and product market. C) has market power in the factor market. D) has no market power in the factor or product market.
Banks make use of the federal funds market in part to
A) pay their tax liabilities. B) manage liquidity risk. C) deal with moral hazard. D) deal with adverse selection.
In the short run, some costs are fixed
a. True b. False Indicate whether the statement is true or false