Which of the following is TRUE about the political and market systems of voting?
A) The political voting system functions according to proportional rule, while the market voting system functions according to majority rule.
B) The political voting system functions according to majority rule, while the market voting system functions according to proportional rule.
C) The political voting system functions according to minority rule, while the market voting system functions according to majority rule.
D) The political system and the market system are identical.
B
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Refer to the figure above. If the relative price of S were to increase, then the price line would
A) shift out in a parallel fashion. B) shift in in a parallel fashion. C) become steeper. D) become flatter.
While waiting in line to buy one cheeseburger for $1.50 and a medium drink for $1.00, Sally notices that she could get a value meal that contains both the cheeseburger and medium drink and also a medium order of fries for $2.75. She thinks to herself, "Is it worth the extra 25 cents to get the medium fries?" To an economist, Sally's decision is an example of:
A. marginal analysis. B. basing decisions on total, rather than marginal, value. C. an unintended consequence. D. the fallacy of composition.