Explain the Condorcet Paradox
What will be an ideal response?
The Condorcet Paradox was first noted by French mathematician and philosopher Marquis de Condorcet. It shows that, when a society makes decisions by voting, transitivity in the collective preferences of voters is no longer guaranteed. The Condorcet Paradox usually applies when there is an absence of single-peaked preferences among voters.
A-head: CONFLICT OF INTEREST AND POLITICAL ECONOMY
Concept: The Condorcet Paradox
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Which of the following statements correctly differentiates between the slope of the demand curve and price elasticity of demand along a linear demand curve?
A) The price elasticity of demand for a good is the same at different points on the demand curve, whereas the slope of the demand curve varies depending on the point where it is measured. B) The price elasticity of demand for a good varies along the demand curve, whereas the slope of the demand curve remains the same at different points on the curve. C) The price elasticity of demand is a ratio, whereas the slope of a demand curve is a product. D) The price elasticity of demand is a product, whereas the slope of a demand curve is a ratio.
Acquiring a firm that sells a substitute good will
a. Make the demand curve more inelastic b. Make the demand curve more elastic c. Make MR>MC d. Will have no effect on the demand curve
Part of the tremendous growth in China can be attributed to
a. loans received from the international financial bodies like World Bank, ADB. b. FDI inflows and its ability to save and invest nearly half of its GDP. c. financial aid received from foreign governments. d. development assistance inflows from developed countries.
A politician may be considered an entrepreneur in the sense that
a. he is always open to bribery. b. identical personal characteristics are necessary for success in politics and in business. c. the successful politician discovers and offers voters political goods when voter demand is strong for him. d. like the businessman, the politician selfishly attempts to gain at the expense of his customers.