Frank is given the choice between pizza and hotdogs and chooses pizza. Then, before serving him, his host tells Franks he could have a hamburger. Frank says he wants a hot dog. Which of the properties of Arrow's impossibility theorem does Frank violate?
Independence of irrelevant alternatives
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In the short-run macro model, which of the following increases when government spending increases?
a. The interest rate b. Investment spending c. Taxes d. Spending on consumer durables e. The money supply
A stimulus to aggregate demand will normally pull prices up but cause a reduction in output
a. True b. False Indicate whether the statement is true or false
The U.S. money supply
A. does not grow from year to year. B. grows by about three percent from year to year. C. grows by about six percent from year to year. D. grows by varying amounts from year to year.
The fact that a monopolistically competitive firm does not produce at the minimum ATC can be viewed as the cost of generating
a. product differentiation and variety. b. economies of scale. c. homogeneous products. d. All of the above