Arrow's impossibility theorem is "disturbing" in the sense that it proves that
a. no voting system is perfect.
b. only a dictator can produce a desirable social outcome.
c. the preferences of the wealthy should be given more weight than the preferences of the poor.
d. the centuries-old Condorcet paradox was not a paradox after all.
a
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Refer to the scenario above. Suppose you decide to buy a Toyota Corolla. You value the car for $10,000. You don't know it, but the car dealer values it for $8,500. What is the minimum price that the seller would accept for the car?
A) $8,500 B) $7,000 C) $10,000 D) $5,000
__________ are backup or secondary plans to be used in case the first plan does not work out
a. Unilateral b. Directional c. Multilateral d. Contingency
A shortage will occur when
A) the price equals the market clearing level. B) the price is above the market clearing level. C) there is an excess quantity supplied. D) the price is below the market clearing level.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point B. The opportunity cost of moving from Point B to Point A is the
A. 120 LCD TVs that must be forgone to produce 20 additional OLED TVs. B. 30 LCD TVs that must be forgone to produce 40 additional OLED TVs. C. 20 OLED TVs that must be forgone to produce 30 additional LCD TVs. D. 40 OLED TVs that must be forgone to produce 120 additional LCD TVs.