Are you likely to find perfect political competition in the real world? Explain

What will be an ideal response?

No, perfect political competition is a useful benchmark but does not describe many real-world situations. There are three reasons why political competition may be restricted.
First, free entry to the political arena is difficult to achieve in practice because only well-organized and established parties can compete in elections, and this tendency has only become greater as the importance of money in politics has increased.
Second, politicians and parties have ideological biases, and a party with a left-wing bias would not campaign with a promise of low taxes even if this may be what the median voter wants.
Third, politicians are often highly self-interested and sometimes even untrustworthy. Becausetheir promises may not be very reliable, they may deviate from implementing the median voter's policy preferences.
A-head: CONFLICT OF INTEREST AND POLITICAL ECONOMY
Concept: Perfect political competition

Economics

You might also like to view...

Sellers who were originally willing to supply 800 units of a good at $4 per unit are now willing to supply 600 units at $4 per unit. That change would be described as: a. an increase in supply

b. a decrease in supply. c. an increase in quantity supplied. d. a decrease in quantity supplied.

Economics

If Bank A purchases securities worth $20,000 using the deposits made by its customers, then: a. the value of the bank's liabilities decrease by $20,000. b. the value of the bank's liabilities increase by $20,000. c. the value of the bank's assets increase by $20,000

d. the value of the bank's assets decrease by $20,000.

Economics