Under majority rule, the order in which items are voted on is
a. unimportant, and this is a lesson of the Condorcet paradox.
b. unimportant, and this is a lesson of Arrow's impossibility theorem.
c. important, and this is a lesson of the Condorcet paradox.
d. important, and this is a lesson of Arrow's impossibility theorem.
c
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Answer the following statement(s) true (T) or false (F)
1. If a firms fixed costs increase from $2,000 to $3,000, then its marginal cost is $1,000. 2. If a firm can sell one more unit of its product for $7 and the marginal cost of producing that one more unit is only $5, then it should definitely produce and sell one more unit.
What are Medicaid and Medicare?
What will be an ideal response?
Marvin’s country has a very small amount of capital. If his country adds a single unit of capital, the result will be a relatively ______ in output.
a. large decrease b. minor increase c. large increase d. minor decrease
The earliest beginning of the European Union was the:
A) Maastricht Treaty. B) Treaty of Rome. C) Paris Accord. D) Louvre Accord.