The Condorcet voting paradox applies to situations in which voters
a. decide between exactly two possible outcomes.
b. decide among more than two possible outcomes.
c. as a group have transitive preferences.
d. choose the inferior candidate even though the majority preferred the better candidate.
b
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In Figure 6-3(b), as price falls from $15 to $6, total expenditure
A. falls. B. increases. C. remains constant. D. first falls and then increases.
When people became less concerned with the underlying value of their houses and instead focused on the expectations of the prices of their houses increasing, ________ occurred
A) an automatic destabilizer B) a housing bubble C) a supply shock D) stagflation
Bargain airline fares in which airlines charge varying rates to passengers for the same flight and service is an example of
A. market penetration. B. transaction pricing. C. collusion. D. price discrimination.
If the quantity supplied is exactly the same regardless of the price, supply is