Candidates in a two-person race express very similar positions a few weeks before the election. A voter complains that there is not much difference between the two candidates. What this voter misunderstands or ignores is that
A) each candidate has an incentive to be like the other.
B) each candidate has an incentive to be different from the other.
C) each candidate has an incentive to be perceived as in the "middle of the road," and if both candidates correctly act on this incentive they will end up sounding alike.
D) this simply happens sometimes.
E) none of the above
C
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If a firm increases all of its inputs by 10 percent and its output increases by 15 percent, then:
A. it is encountering diseconomies of scale. B. it is encountering economies of scale. C. the law of diminishing returns is taking hold. D. the firm's long-run ATC curve will be rising.
If the price elasticity of supply for a good becomes more elastic over time
A. quantity supplied becomes more sensitive to price. B. quantity demanded is not sensitive to price. C. quantity supplied becomes less sensitive to price. D. quantity demanded is very sensitive to price.