The Condorcet paradox
a. demonstrates that the order in which one votes on options may influence the outcome.
b. demonstrates that majority voting by itself may not reveal the outcome that society wants.
c. disproves Arrow's impossibility theorem.
d. Both a and b are correct.
d
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Describe the bargaining process between the refineries and the recreational water users, assuming the refineries have the right to pollute.
Use the following graph of the refined petroleum market to answer the questions below.
Moving between two points on a PPF, a country gains 6 automobiles and forgoes 3 trucks. The opportunity cost of 1 automobile is
A) 2 trucks. B) 1 automobile. C) 1/2 of a truck. D) 3 trucks. E) 6 automobiles - 3 trucks.
Refer to the scenario above. If the government enforces a ban on Firm B, and asks Firm A to carry out all the production:
A) Firm A's marginal cost is likely to decrease, but its average cost is likely to increase. B) Firm A's marginal cost and average cost are likely to decrease. C) Firm A's marginal cost is likely to increase, but its average cost is likely to decrease. D) Firm A's marginal cost and average cost are likely to increase.
Jodie has indifference curves for CDs and colas, with CDs on the vertical axis. The flatter her indifference curves are, the
A) smaller her average rate of substitution. B) larger her average rate of substitution. C) smaller her marginal rate of substitution. D) larger her marginal rate of substitution.