You and two friends are going to the movies and are going to one of three movies: A, B, or C. You prefer movie A to movie B and movie B to movie C. One of your friends prefers movie B to movie C and movie C to movie A. You other friend prefers movie C to movie A and movie A to movie B. The three of you decide to use majority rule voting to decide which movie you will see. If you first have a vote between movies A and B and then between the winner of that vote and movie C, then movie ________ will win. However, if you first vote between movies A and C and then between the winner of that vote and movie B, then movie ________ will win. This is an example of the ________.
A. A; B; majority rule voting
B. A; C; voting paradox
C. C; B; voting paradox
D. B; C; impossibility theorem
Answer: C
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A) forward induction B) backward induction C) pure strategies D) mixed strategies
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A) loss of $7 per unit B) profit of $14 per unit C) profit of $30 per unit D) loss of $21 per unit
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A positive cross price elasticity of demand between two goods suggests that the goods are
A. not related. B. substitutes. C. complements. D. both of unitary elasticity.