Arrow's impossibility theorem illustrates the difficulties in creating the perfect voting system

a. True
b. False
Indicate whether the statement is true or false


True

Economics

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Which of the following is an assumption of the decision-making process followed by consumers to maximize utility?

A. Marginal utility always increases as more units of a good are consumed. B. The consumer's income increases as prices of goods increase. C. The consumer considers the prices of the products. D. The consumer oftentimes is not sure about her preferences.

Economics

Using the economic way of thinking, complete the following sentence: "One person's profit is

A) a sign of sinful activity." B) the result of uncertainty." C) only a matter of luck and chance." D) another person's loss."

Economics

If a four-firm concentration ratio in an industry equals 75 percent, this implies that

a. 75 percent of all profits in the industry accrue to the leading four firms b. 25 percent of sales in the industry are accounted for by the four leading firms c. the four firms represent 75 percent of all the firms in the industry d. the four firms represent 25 percent of all the firms in the industry e. 75 percent of all sales in the industry are accounted for by the four leading firms

Economics

There is only one firm in a monopoly

Indicate whether the statement is true or false

Economics