The model predicting victory in a two-person race for the candidate closer to occupying the center of the voter distribution is built on the assumption that
A) people always vote for the Democratic candidate if they are Democrats and for the Republican candidate if they are Republicans.
B) people vote for the candidate who comes closer to matching their own views.
C) most people don't vote unless the election is predicted to be close.
D) none of the above
B
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Consumers' preferences are represented by
A) budget lines. B) indifference curves. C) relative prices. D) household income.
In the short run, a perfectly competitive firm will maximize profit by producing where: a. MC = MR
b. MC = ATC. c. ATC = MR. d. AVC = MC.
Describe the difference between the simple quantity theory of money and the equation of exchange
In the short run, a purely competitive seller will shut down if:
A. it cannot produce at an economic profit. B. price is less than average variable cost at all outputs. C. price is less than average fixed cost at all outputs. D. there is no point at which marginal revenue and marginal cost are equal.