The Arrow impossibility theorem states that
A) it is impossible for a majority voting system not to consistently represent the preferences of voters.
B) it is impossible to separate corporate desires from public bureaucracy.
C) no system of voting can be devised that will ensure a 100 percent voter turnout.
D) no system of voting can be devised that will always consistently represent the underlying preferences of voters.
D
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Firms in a perfectly competitive market produce at minimum average cost in the short run and the long run
a. True b. False Indicate whether the statement is true or false
The above figure shows the relationship between the price of a slice of pizza and how many slices of pizza Ricardo buys in a week. Between points A and B, the slope of the line equals
A) -5. B) -4. C) -3. D) -1. E) -2
Two firms sell 100% orange juice in 10 ounce bottles. The juice is only good for one week. The two firms have contracts for all the oranges produced in a large geographic area. Each firm decides how many bottles of juice to produce at the same time
This market is best described with a A) Bertrand model. B) Stackelberg model. C) monopolistic competition model. D) Cournot model.
Two items which have a positive cross price elasticity of demand are referred to as
A) luxury goods. B) inferior goods. C) substitutes. D) complements.