Explanation:
The median voter theorem states that if preferences are single-peaked, majority rule yields the outcome most preferred by the median voter.
Explanation:
Elasticity of demand includes price elasticity, income elasticity and cross elasticity. Elasticity of supply is a separate concept relating to supply response.
Explanation:
Opportunity cost is a fundamental concept used in both microeconomics (individual choice) and macroeconomics (resource allocation at national level).
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