The Condorcet paradox demonstrates that the order in which people vote on choices may influence the final outcome
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
Which of the following explains why a firm would be interested in knowing the price elasticity of demand for a good it sells?
A) The price elasticity of demand can be used to determine the impact of changes in income on quantity sold. B) Knowing the price elasticity of demand allows the firm to calculate how changes in the price of the good will affect the firm's total profit. C) The price elasticity of demand allows the firm to calculate how changes in the price of the good will affect the firm's total revenue. D) Knowing the price elasticity of demand allows the firm to determine how the cost of producing additional units of the good will change.
Bargain airline fares in which airlines charge varying rates to passengers for the same flight and service is an example of
A. market penetration. B. transaction pricing. C. collusion. D. price discrimination.
The existence of the tradeoff along the PPF means that the PPF is
A) bowed outward. B) linear. C) negatively sloped. D) positively sloped.
The exchange rate last month was $1= 1 Swiss francs. This month it is $1 = 1.15 Swiss francs. We can say that the value of the dollar
A. decreased, causing net exports to decrease and aggregate demand to fall. B. increased, causing net exports to decrease and aggregate demand to rise. C. increased, causing net exports to decrease and aggregate demand to fall. D. deccreased, causing net exports to increase and aggregate demand to rise.