Median voters in settings where the policy space is single dimensional and everyone has single peaked preferences are Arrow Dictators.
Answer the following statement true (T) or false (F)
False
Rationale: An Arrow dictator gets his way regardless of what preferences others have. The median voter gets his way only because he happens to have the median ideal point.
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For a monopolist,
a. marginal revenue and price are constant as quantity increases b. marginal revenue falls but price is constant as quantity increases c. marginal revenue is constant but price falls as quantity increases d. both marginal revenue and price fall as quantity increases, but price falls faster e. both marginal revenue and price fall as quantity increases, but marginal revenue falls faster
Firms can earn economic profits even in the long run if
a. they charge the highest price possible b. there is a cost-reducing technological change c. there are significant barriers to entry d. marginal revenue equals marginal cost e. price is less than average variable cost at all rates of output
The law of demand says that as the price of a good rises, the quantity demanded of the good tends to fall
a. True b. False
When a tax is imposed in a market, it will a. alter the behavior of buyers
b. alter the behavior of sellers. c. have no effect on the behavior or either buyers or sellers. d. affect the behavior of both buyers and sellers.