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(a) Explain, using your own example, why two political parties converge to the policy position of the median voter when competing with one another for

(a) Explain, using your own example, why two political parties converge to the policy position of the “median” voter when competing with one another for votes in an electoral contest decided by majority rule.

(b) Explain why a second-price (Vickrey) auction guarantees that bidders reveal their true valuation of an item.

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