The median voter model implies that
A) people in the political middle will be dissatisfied with the amount of spending on government funded projects.
B) spending on government funded projects reflects the preferences of only those far away from the median.
C) many people will be satisfied with the amount of spending on government funded projects.
D) many people will be dissatisfied with the amount of spending on government funded projects.
D
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Absent any violations of the first welfare theorem, the competitive equilibrium is efficient.
Answer the following statement true (T) or false (F)
Health care costs rose more than 10 percent in 2011, according to a survey of insurers by Aon Consulting Worldwide. If the increase in costs solely comes from increased prices for MRI and X-ray machines, then for the health care industry
A) fixed costs are increasing. B) long run average total cost is decreasing. C) productivity is increasing. D) variable costs are increasing.
When the capital (a fixed input) changes
A) short-run marginal costs rise. B) short-run average total costs fall but do not shift. C) labor inputs decline. D) the short-run average total cost curve shifts.
Firms engage in tacit collusion when:
A. they predict what the other will do and attempt to undercut them. B. they collude without communicating, sustaining a price above the noncooperative price that would arise in a single competitive interaction. C. they communicate to reach an agreement about the prices they will charge. D. they communicate what type of good they will produce.