If voters prefer alternatives closer to their most preferred outcome to alternatives farther away from their most preferred outcome, we can say that voters have _____
a. single-peaked preferences
b. double-peaked preferences
c. rational preferences
d. irrational preferences
a
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Which of the following is likely to happen if the government imposes a price control at $60, when the demand curve shifts to D2?
A) There will be a shortage of 15 units of the good in the market. B) There will be a surplus of 15 units of the good in the market. C) There will be a shortage of 10 units of the good in the market. D) There will be a surplus of 10 units of the good in the market.
A perfectly inelastic demand means:
A. consumers will change the quantity they purchase when price changes. B. demand will drop to zero if the price increases by any amount. C. consumers will not change the quantity they purchase when price changes. D. the demand curve is perfectly horizontal.
The cost borne by an individual user to switch to another network is small if the network which he is using is large
a. True b. False Indicate whether the statement is true or false
Coal is considered to be a non-renewable energy source. Which of the following statements is correct?
a. Coal is an unlimited resource. b. Coal is a scarce resource. c. Coal is a non-scarce resource. d. Coal is not a resource.