An ideal voting system must not have:
A. a one-dimensional issue being voted on.
B. a person who has the power to single-handedly enact his or her own preferences.
C. a person who can convince everyone to vote for his or her preferences, and not their own.
D. transitivity of preferences
Answer: B
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A monopolistically competitive market is described as one in which there are
A) a large number of firms selling similar, but not identical, products. B) one large firm and many small firms producing identical products. C) a few firms producing an identical product. D) a few firms producing differentiated products.
Refer to Figure f. A benefit function is plotted in Figure f. The letter B represents the:
A. risk premium of the consumption bundle.
B. expected utility of the consumption bundle.
C. certainty equivalent of the consumption bundle.
D. expected consumption.
Other things the same, the aggregate quantity of goods demanded in the U.S. increases if
a. real wealth falls. b. the interest rate rises. c. the dollar depreciates. d. None of the above is correct.
If a firm enjoys producer surplus in perfectly competitive Market A of $1000 and would enjoy producer surplus in perfectly competitive Market B of $1200, the firm would consider moving to Market B if
A) fixed costs are greater than $100 in Market A. B) fixed costs are less than $200 in Market B. C) fixed costs are less than $300 but greater than $200 in Market B. D) fixed costs in Market B are less than the fixed costs in Market A plus $200.