Suppose that in a Borda count election, outcome X is preferred to outcome Y, and outcome Y is preferred to outcome Z, when outcomes X, Y, and Z are all available options. When Y is removed as an option, however, outcome Z is preferred to outcome X. This would violate Arrow's assumption that voting systems should satisfy
a. unanimity.
b. transitivity.
c. the independence of irrelevant alternatives.
d. no dictators.
c
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If the selling price of a firm's product is $200 and the estimated average cost of producing this product is $150, what is the firm's markup?
A) 75 percent B) 33.33 percent C) 25 percent D) impossible to determine with the information given
All else equal, false advertising is more prevalent in all of the following types of communities except which one?
A) a resort town B) a college campus C) a tourist destination D) a small town with few visitors
The "lemons" problem is used to explain the concept of:
A. complete information. B. adverse selection. C. moral hazard. D. produce markets.
Suppose a fashion designer wins a bid to design clothes for the characters of a movie. During his work he finds out that the payment he receives would not only cover his production costs but also earn him profits. The producer of the movie can be said to be facing a winner's curse
Indicate whether the statement is true or false