The median voter theorem will be an accurate predicator of the outcomes of elections
A) when a majority of voters have preferences very similar to those of the median voter.
B) only when voter turnout is very high.
C) when a majority of voters have preferences different from those of the median voter.
D) regardless of whether preferences among voters are similar or different from those of the median voter.
D
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The process by which monopoly profits lead to technological progress in known as
A) economies of scale. B) destructive creation. C) imperfect competition. D) creative destruction.
What is true of equilibrium in the game in Scenario 13.14?
A) In equilibrium, both firms choose Q = 50. B) In equilibrium, both firms choose Q = 100. C) There are two equilibria, at Q = 50 and at Q = 100. D) The only equilibrium is in mixed strategies. E) The two equilibria are those associated with the (40,30 ) outcome and the (30,40 ) outcome.