Arrow's impossibility theorem tells us:
A. political pressures will always corrupt a voting system, making none ideal.
B. no voting system can aggregate the preferences of voters of three or more options while meeting all of the criteria for an ideal system.
C. most voting systems meet the criteria for an ideal system, yet politicians cannot seem to change the way in which elections are held.
D. no voting system can ever attain all four criteria for an ideal voting system.
Answer: B
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Which of the following does NOT influence the price elasticity of demand?
A) the amount by which the demand curve shifts when the price of another good changes B) the number of substitutes available to consumers C) the price of the good relative to total income D) the time period buyers have to respond to a price change E) whether the good is a necessity or a luxury
Refer to Figure 9-4. Suppose the government allows imports of leather footwear into the United States. The market price falls to $24. What area represents consumer surplus?
A) V + W + X + Y B) R + S C) R + S + T + U D) R + S + V
The music streaming industry, where a firm's profitability depends on its interactions with other firms, is an example of
A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.
Each point of a firm's supply curve represents a price-quantity pair where:
A. MC = MR. B. MC = ATC. C. P = min AVC. D. P = min ATC.