Identify some of the salient features of voting as a method of determining the majority preference
Voting for elected officials and government policies can sometimes bring outcomes that are consistent with the preferences of the median voter. In other situations the voting process is manipulable, either because the person who sets the agenda can control the outcome, or because voters can individually gain by misrepresenting their true preferences.
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In the case of the perfectly competitive firm:
A) marginal revenue equals the market price. B) marginal revenue is greater than the market price. C) marginal revenue is less than the market price. D) marginal revenue is equal to, less than, or greater than market price depending on the level of output.
Which of the following statements is TRUE?
A) A growing economy should see a decline in relative poverty but not in absolute poverty. B) A growing economy should see a decline in absolute poverty but not in relative poverty. C) A growing economy should see a decline in both absolute and relative poverty. D) A growing economy is usually unrelated to changes in either absolute or relative poverty.